The price of copper in London has climbed close to its highest level this year, as traders try to get their hands on dwindling supplies after a months-long rush to move metal to the US ahead of possible tariffs.
The benchmark London price rose to a more than three-month high of almost $10,000 a tonne on Wednesday. Copper stocks in the London Metal Exchange global network of warehouses have dropped to the lowest level since 2023.
The ructions have hit the trading houses and smelters that hedge their exposure to the metal, pushing up prices and forcing the LME to intervene in the market last month by introducing rules on traders with big positions.
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