Copper Holds Advance on Falling Stockpiles

Copper futures held above $5 per pound on Monday, hovering near three-month highs amid mounting concerns over tightening global supply. London Metal Exchange inventories fell again last week, dropping to 91,275 metric tons—the lowest level in nearly two years. Similarly, data from the Shanghai Futures Exchange showed copper stockpiles declined by 19.11% to 81,550 metric tons, hitting a one-month low. The inventory drawdowns come as traders have been redirecting shipments toward the US to front-run potential tariffs. Since the Trump administration launched a probe into copper imports in February, an estimated 400 kilotons have been rushed into the US in anticipation of possible levies, contributing to a supply squeeze in other markets.