Copper Prices Rise as LME Inventories Hit Near Four‑Year Low

Copper prices edged up 1.4% on the London Metal Exchange, closing at 626.411 cents per pound (US$13,810 per tonne). At the same time, LME warehouse stocks fell to 272.975 tonnes, a drop of 3,800 tonnes (‑1.37%). Shanghai Futures inventories also slipped sharply, down 12.89% to 69.610 tonnes, while New York COMEX holdings rose modestly to 640.770 tonnes.

Citi reaffirmed its bullish outlook for copper, keeping a 2026 price target of US$15,000 per tonne – about a 60% increase over current levels. The bank cites structural supply constraints, including social conflicts at Peruvian mines and recent regulatory changes in Chile, which have limited output for three consecutive years. Thin global inventory cushions mean any disruption can push prices higher, a scenario that would markedly improve profitability for Latin American producers over the next 18 months.