LONDON — Copper prices continued to rise as tightening supply conditions intensified, pushing the metal closer to a record high on the London Metal Exchange (LME). The widening gap between spot and futures prices indicates increasing competition for available copper supplies.

The spread between LME spot copper and three-month contracts widened to $478 per metric ton, the highest level since the major supply squeeze in 2021. The sharp increase in the spread is a sign that buyers are competing more aggressively for copper that is immediately available.

Copper Up 16% This Year

Copper has gained approximately 16% since the beginning of 2026, supported by concerns over tightening supplies and expectations surrounding potential U.S. tariffs on refined copper.

Large volumes of copper have been shipped to the United States ahead of a decision by the U.S. administration on possible tariffs. The flow of metal into the U.S. has reduced supplies available in other markets, further tightening global conditions.

Prices Near January Record

The three-month copper contract on the LME rose 1.4% to $14,363.50 per metric ton at 11:56 a.m. Shanghai time on Monday.

The move brought prices closer to the $14,527.50 per ton record reached in January.

China’s Copper Stocks in Focus

Market participants are now watching whether China will release some of its copper inventories for export to ease the global supply shortage.

Any increase in Chinese exports could provide some relief to tight markets, while continued limited availability could further support copper prices and potentially push the metal toward new record highs.

Souurce: Patronlar Dünyası/ Prepared by: İlayda Gök