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(Bloomberg) — Copper headed for a record close in London after strong gains fueled by signs of tighter supply across the global market.
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The metal traded 0.6% higher at $14,193.50 a ton on the London Metal Exchange, putting it above the closing high that was set in mid-May. While growing optimism about demand from data centers and power grids is underpinning the advance, supply-side factors have been just as critical.
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Huge volumes of metal have been shipped into the US this year in anticipation of a decision on import tariffs by President Donald Trump, pulling metal away from LME-tracked warehouses worldwide. Meanwhile, there’s also been more buying activity from China, sharpening competition for supplies.
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Copper — used in wiring, batteries and piping — has rallied 14% so far in 2026, building on a run of three annual gains. The commodity’s long-term upswing has its roots in the rising need for electrification powered by the energy transition. At the same time, ore grades at some existing mines have been declining, while major new pits are getting harder and more costly to develop.
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Among the clearest indicators of tighter supply is the widening premium of cash prices over three-month futures on the LME. On Thursday, the spread flared to more than $150 a ton at one point, the most since last October. The structure, known as backwardation, is a sign of short-term pressure on buyers.
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Copper is on pace for a sixth weekly gain, the longest run since 2020. Other metals also rose, with zinc on course for a weekly climb of more than 4%, near a four-year high, and aluminum at the highest since June.
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