Copper futures climbed above $6.70 per pound on Thursday, reaching a new record high, driven by intensifying concerns over tight supply and firm demand. The Democratic Republic of Congo announced an immediate ban on copper concentrate exports, a move consistent with a broader trend of resource-rich countries adopting more protectionist policies to foster domestic refining and processing capacity.
At the same time, development work at part of Codelco’s flagship El Teniente mine may remain suspended for up to two years, further clouding the supply outlook. On the demand and positioning side, trading funds continued to build long positions on metal exchanges, reflecting scarcity in on-warrant inventories, declining visible stockpiles in China, and strong US buying ahead of a possible tariff announcement.
Recent data showed that more than 200,000 tonnes of copper arrived at US ports in July, the largest monthly inflow in over a decade. Similarly, deliverable copper stocks and SHFE inventories in China nearly halved over the month, falling to 69.3 thousand tonnes.
