--- title: "Copper hits record high before easing as London squeeze relaxes" publisher: "Stockmark.IT" author: "Stockmark.IT Website" published: "2026-08-27T06:15:08+00:00" modified: "2026-08-27T06:15:08+00:00" date: 2026-08-27 canonical: "https://stockmark.it/copper-price-notches-another-record-before-retreating-as-squeeze-eases/" category: "Companies" categories: ["Companies", "Financial", "Trading"] image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/copper-hits-record-high-before-easing-as-london-squeeze.png?fit=1536%2C1024&quality=80&ssl=1" format: "news" language: "en-GB" --- # Copper hits record high before easing as London squeeze relaxes **Published:** August 27, 2026 **Author:** Stockmark.IT Website **Categories:** Companies, Financial, Trading **Featured image:** ![Copper hits record high before easing as London squeeze relaxes](https://i0.wp.com/stockmark.it/wp-content/uploads/2026/08/copper-hits-record-high-before-easing-as-london-squeeze.png?fit=1536%2C1024&quality=80&ssl=1) --- Copper prices established a new all-time high in New York early on Wednesday before retreating as traders took profits. The pullback followed signs that the supply squeeze in the London market is easing, although physical supplies outside the United States remain tight ahead of a pending tariff decision from the White House. The metal had previously set a record settlement price on Tuesday, marking a significant milestone for the commodity despite the subsequent intraday decline. Comex copper for September delivery reached a peak of $6.7775 per pound, equivalent to approximately $14,940 per tonne, during early trading sessions. This level represented a fresh all-time high for the contract. By late morning in New York, the price had fallen by 1.6 per cent to $6.6070. The previous day’s settlement at $6.7140 had already stood as the highest closing price ever recorded for this specific contract, underscoring the sustained upward pressure on the metal before the recent correction. In London, the three-month contract traded at $14,350 per tonne as of 1:03 p.m. local time, showing little change after an earlier modest rise. While Tuesday’s close was the highest on record, the price remains below the all-time intraday peak of $14,527.50 set in January. The dramatic widening of London Metal Exchange spreads last week, where cash metal traded at a premium of over $500 per tonne to three-month futures, has partially reversed. The gap narrowed to $127 at Tuesday’s settlements, indicating a gradual normalisation in the term structure. However, tightness in nearer-dated contracts persists. The exchange’s September contract traded approximately $100 per tonne above the October contract on Wednesday, up from a premium of less than $50 at the end of the previous week. This widening spread signals that metal for prompt delivery remains difficult to source. Fresh withdrawal orders for more than 50,000 tonnes were directed to LME warehouses on Monday, while stocks in Shanghai Futures Exchange warehouses fell for a sixth consecutive day on Wednesday. In contrast, Comex inventories have reached a record level above 675,000 tonnes after 46 consecutive days of accumulation. Metal continues to arrive in the United States as the market awaits the White House’s copper tariff ruling, a process that has now taken nearly two months. On the supply side, the global market lost approximately 338,000 tonnes of production in the first half of the year due to operational setbacks in Indonesia, the Democratic Republic of Congo, and Chile, according to consultancy Project Blue. These supply constraints have led analysts to reassess market balances. CRU now views its forecast of a 639,000-tonne global surplus for 2026 as potentially balanced rather than surplus. Robert Edwards, principal copper analyst at CRU, told Reuters that if imports continue at current levels, the market may effectively face a deficit. Macquarie strategist Alice Fox suggested that the record Comex stockpile would take years to consume, while Amelia Fu of Bank of China International expects new record highs in copper prices in the coming weeks or months. Copper equities also adjusted on Wednesday, with Southern Copper down 2.5 per cent and Freeport-McMoRan off 1.7 per cent by late morning in New York. Teck Resources was slightly lower, while Zijin Mining rebounded 2.4 per cent in Shanghai. Despite the dip, Southern Copper’s market value of nearly $181 billion keeps it slightly ahead of Rio Tinto, at about $180 billion, securing a number two ranking among the world’s miners behind only BHP. Comex copper is up about 17 per cent in 2026, with the LME contract up 15 per cent. --- **Original URL:** https://stockmark.it/copper-price-notches-another-record-before-retreating-as-squeeze-eases/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*