Copper Heads for Best Week Since May on Supply Squeeze

Copper prices extended their rally on Friday, putting the metal on track for its biggest weekly gain in nearly three months. Three-month copper on the London Metal Exchange rose 0.3% to $14,141 a metric ton, poised to close the week up 2.5% — the strongest performance since the week ending May 8.

The upward momentum follows a report that the Democratic Republic of Congo has banned copper concentrate exports with immediate effect. The news reinforced an already bullish market backdrop, according to analysts at ING, who pointed to low inventories, tight concentrate availability, and ongoing supply disruptions as key supporting factors.

Available LME copper stocks have fallen to 92,900 tons, their lowest since January, after another 1,775 tons of warrant cancellations — mostly in Kaohsiung. The cash-to-three-month spread remains in steep backwardation of $119 a ton, a clear sign of near-term tightness. In China, Shanghai Futures Exchange copper stocks edged up 1.1% over the past week but remain historically low at 70,116 tons.

Meanwhile, COMEX copper stocks in the U.S. rose for a 34th consecutive day to 654,571 tons, as metal continues to flow into the country ahead of a possible tariff on imports. Despite the build, COMEX copper hit a record high of $6.73 per lb on Thursday.

In other metals, aluminium gained 0.7% to $3,281.50 a ton, touching its highest since June 23. Zinc dipped 0.4% to $3,747.50 after hitting an almost four-year peak above $3,800 on Thursday. Lead added 0.3% to $1,890, nickel advanced 0.9% to $16,915, and tin rose 0.8% to $56,435.

U.S. President Donald Trump is expected to meet with top mining executives on Friday as part of his administration's push to expand domestic and allied supplies of critical minerals.