Copper Climbs as Metals Head Toward a Fourth Consecutive Weekly Gain

Bloomberg: Base Metals Surge Amid Supply Concerns

Industrial metals such as copper and aluminum continued their upward momentum, fueled by worries over tightening global supplies and a surge in investor interest in commodities.

Copper, aluminum, and nickel each advanced by over 1%. Copper, in particular, climbed closer to its all-time high set earlier in the week. Goldman Sachs Group Inc. revised its copper price projection for the first half of the year to $12,750 per ton, but also cautioned that prices may ease in the latter half of the year.

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The LMEX Index, which tracks the six primary base metals traded in London, is on track for its fourth consecutive weekly increase—the longest streak since last August. Copper demand has been especially strong, as speculation about potential US import tariffs has led to increased shipments to the US, tightening supply elsewhere.

Goldman Sachs analysts noted, “Investor inflows have introduced a scarcity premium for copper, particularly as US inventories remain low and expectations of tariffs have drawn more metal into the country.” However, they also indicated that prices above $13,000 per ton are unlikely to last, as the implementation of tariffs would likely halt further US stockpiling.

The metals sector also drew attention after Rio Tinto Group confirmed it was in discussions to acquire Glencore Plc, a move that would create the world’s largest mining company. This potential merger would mark the biggest deal ever in the industry, reflecting a wave of consolidation as producers seek to secure more copper resources.

On the London Metal Exchange at 3:31 p.m. in Shanghai, copper was up 1.1% at $12,856 per ton, while aluminum rose 1%. Nickel, which had soared to a 19-month high on Wednesday before dropping as traders awaited news on production cuts from Indonesia, was priced at $17,410 per ton.

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