Copper Prices Rally for Sixth Straight Session Near Record Highs as China Inventories Drop to Lowest Since 2023
nashnova research
LME three-month copper rose for a sixth straight session to $14,745 a ton, closing in on its all-time high; Shanghai cathode stocks fell to their lowest since 2023, with tight spot supply and pre-holiday restocking pushing prices toward a critical threshold.
How far has copper climbed, and where does it stand?
LME three-month copper hit $14,745 per ton, up 0.6% on the day — six consecutive gains, the longest streak in nearly four months.
This means → copper is now testing the zone around its all-time record, a key resistance level for the market.
Why is this rally so persistent?
The core driver is tightening physical supply in China. Shanghai cathode copper stocks dropped to 43,900 tons — the lowest since 2023.
In plain terms = inventories are the "shelf stock" of the copper market; when the shelves are nearly bare, buyers bid higher to secure metal.
Some imported copper has arrived in China, but SMM (Shanghai Metals Market) data show much of it flows straight to fabricators rather than into warehouses, keeping spot supply tight.
What is adding fuel on the demand side?
SMM's research note says downstream manufacturers are stockpiling ahead of the Mid-Autumn Festival and National Day holidays, amplifying short-term demand.
This means → tight supply and seasonal restocking are hitting at the same time — price pressure is unlikely to ease quickly.
How are other metals moving?
Other LME base metals rose in tandem, signaling that copper's rally is not isolated — sentiment across the industrial-metals complex is tilting bullish.
Singapore iron-ore futures edged lower, diverging from the base-metals trend.
This reflects a market preference for metals tied directly to manufacturing activity, rather than steelmaking raw materials.
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