ComexLondon Metal Exchange

Copper touches fresh Comex record as London squeeze hits hardest of the year; LME stocks fall 14% since July

Copper prices surged to a record on the Comex, driven by a physical shortage in London and easing inflation concerns in the U.S. The premium for immediate delivery reached its highest this year, while LME stocks plummeted 14% since July, reflecting tightening supply conditions.

Mining.com12 August 2026 · 21:48 UTC
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Copper prices reached a new high on the Comex, hitting $6.7140 a pound, as a combination of U.S. inflation data and a physical shortage in London fueled demand.14

The premium for immediate delivery surged to its widest point of the year, reflecting tight supply conditions.

Cash copper on the London Metal Exchange settled at $14,424.50 a tonne, with buyers opting for immediate purchases over future contracts, leading to a backwardation of $207.50 over the three-month contract.3

This backwardation is the widest of 2026, significantly up from $34 at the end of July.

LME stocks have dropped to 214,550 tonnes, a decline of over 35,000 tonnes or 14% since July, indicating a tightening market.2

Additionally, Chile has lowered its copper production forecast for the second consecutive quarter due to reduced output from major mines, further exacerbating supply issues.

As Comex copper trades around $14,625 a tonne, it remains approximately $400 above the London three-month price, highlighting the growing disparity in market conditions.5

Key Insight
“The backwardation on the LME widened to $207.50 a tonne, the steepest of 2026, up from $138 the prior day. Chile also cut its copper production forecast for a second straight quarter, while the Gresik smelter in Indonesia that processes Grasberg ore faces disruptions.”
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1
Mining.com
“Copper set a record on the Comex on Wednesday as a tame US inflation reading eased the threat of higher interest rates and a physical shortage in London pushed the premium on immediate delivery to its widest of the year.”
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EARLIER IN THE STORY:
Copper futures at crossroads near record highs; resistance at ₹1,400 and support at ₹1,365, with breakout or reversal awaited
BusinessLineBusinessLine
Copper futures at crossroads near record highs; resistance at ₹1,400 and support at ₹1,365, with breakout or reversal awaited

Copper futures hit a two-month high of ₹1,396.55 on August 6, but have since remained flat, oscillating between ₹1,365 and ₹1,390.

Breakout LevelPrice ResistanceRecord High
2026-08-12
TL;DR by CuriousCats.ai
  • Copper futures hit a two-month high of ₹1,396.55 on August 6. Since then, it has remained flat, mostly oscillating between ₹1,365 and ₹1,390.
  • The trend has been up for more than a month, and there are no signs of a reversal. However, there is notable resistance in the ₹1,390-₹1,400 range.
  • At the moment, there are two possibilities. One, copper futures will break out of the barrier at ₹1,400 and continue their ascent. Two, it could see a moderation in price.
  • In the first scenario, confirmation of continuation in the rally is the breakout above ₹1,400. In this case, copper futures can rise to ₹1,430.
  • Whereas, for the second, there should be a reversal pattern on the chart or a break below the support at ₹1,365. A breach of ₹1,365 can trigger a fall to ₹1,350 and possibly to ₹1,320.
  • Either way, from a trading perspective, the current market price is not an ideal level to initiate new positions.
CuriousCats
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