Copper on the London Metal Exchange hit $14,533 per metric ton, surpassing the previous record from January, driven by diverging inventory patterns and expectations of U.S. tariffs on refined metal.
The price retreated slightly to $14,518 a ton but maintained a 0.7 percent session gain, indicating sustained buying pressure.
Inventory data reveals a critical bifurcation. Comex copper stocks reached 695,624 metric tons—the highest level on record. Shanghai Futures Exchange warehouses, by contrast, fell to their lowest level since January 2024, highlighting supply tightness in China against abundance in the United States.
This inventory divergence suggests two competing dynamics. Tariff anticipation may be driving U.S. stockpiling ahead of potential trade restrictions, while Chinese demand absorption has depleted local supplies. The result is a structural supply fragmentation that props up international spot prices.
Zinc advanced 1.1 percent to $3,988 a ton on similar supply pressures. A weaker U.S. dollar provided additional support to the broader base metals complex.
