Copper futures rose above $6.70 per pound on Wednesday, setting a new record high as supply risks remained elevated despite a recent easing of the market squeeze. Traders continued to redirect shipments to the United States, drawn by strong premiums and the prospect of new tariffs under a potential Trump administration, although the White House has not yet reached a final decision.
Stockpiles in London Metal Exchange–monitored warehouses have declined by nearly 50% since mid-May, following a 42-day stretch of continuous drawdowns. At the same time, Zijin Mining warned that flooding at the Kamoa-Kakula copper complex in the Democratic Republic of Congo could reduce its share of output by up to 57,000 tons this year, highlighting persistent threats to global supply.
On the demand side, Chinese smelters have struggled to secure sufficient feedstock, further bolstering the need for imported copper.
