Copper shortages hit 2021 highs
The metals markets experienced a significant increase in copper prices due to the decline in global inventories and the shift in shipment flows to the American markets to capitalize on price differentials. This led to the immediate futures premium rising to $110 per ton for the first time since the 2021 crisis. Copper prices also increased by over 13% during this year, while Shanghai inventories grew to approximately 80,000 tons as demand in the Chinese market waned. These developments contributed to a widening gap between the spot price and futures contracts, with spot inventories on the London Metal Exchange exceeding 20,000 tons amid market monitoring of liquidity and the sustainability of the upward trend.
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