Copper's Record Surge Is No Longer a Simple Growth Signal

The London Metal Exchange (LME) is experiencing an intensified copper squeeze, with the cash contract commanding a $434 a tonne premium over three-month futures, the widest in five years. LME stockpiles have fallen for 42 consecutive days, the longest decline since 2014, driven by supply failures including a ban on copper and cobalt concentrate exports from the Democratic Republic of Congo, heavy rain in Chile, and a smelter shutdown in Indonesia.