Copper: Tightening Supply Intensifies Squeeze - ING

ING analysts Ewa Manthey and Warren Patterson said LME copper prices have broken above $14,000 per tonne, approaching record highs as nearby market conditions tighten. They noted that tom-next and cash/3m spreads have surged as LME inventories decline due to shipments to the U.S. and Chinese buying, and expect that if electrification and infrastructure demand remain resilient, short-term supply tightness will continue to support copper prices.