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Copper futures rose to over $6.7 per pound on Thursday, a record high, amid mounting concerns of tight supply and signs of robust demand. The DR Congo announced a ban on exports of copper concentrate effective immediately. The move was in line with growth protectionism for ore-rich countries to spur the development of refining and processing capacity domestically. Meanwhile, development at a portion of Codelco’s flagship El Teniente mine could remain suspended for as long as two years. Meanwhile, trading funds continued to take long positions on metal exchanges amid scarcity for on-warrant inventories, falling visible stockpiles in China, and robust US buying ahead of a possible tariff announcement. Data showed that more than 200,000 tons of copper arrived at US ports in July, marking the largest monthly inflow in over a decade. Likewise, deliverable copper stocks an SHFE inventories nearly halved in July to 69.3 thousand tonnes.
