LME Copper squeeze – ING

Copper continues to rise on the LME for a fourth day as tight supply remains in focus. , ING's commodity experts Ewa Manthey and Warren Patterson note.

Copper tightening follows a significant decline in inventories

"Contracts for immediate delivery surged to a premium of $379/t to three-month futures on Monday, although it has since eased to around $150/t."

"This level is substantially higher than the near-zero premiums seen in May 2025 and a contango of approximately $100/t at the start of the year. This tightening in the Copper market follows a significant decline in inventories, which has dropped by roughly 176kt since the start of the year, now standing at just 95kt as of Tuesday, coupled with a tight supply in the concentrate market."