The base metals complex has been on a climb on futures exchanges globally but the surge is not reflected in physical markets, with buyers generally staying out of the market due to elevated prices, sources told Fastmarkets

Sources from across the copper concentrate industry told Fastmarkets that some miners are becoming more cautious of their counterparty risk – the risk that the other party in a transaction may not fulfill its part of the deal – with copper concentrate terms being agreed as far out as 2028.

Supply disruption and financial speculation helped most base metals prices hit 2024 highs in the week to Friday May 24, yet demand remains mostly muted

Fastmarkets has clarified the specifications of its copper grade A cathode and non exchange-deliverable equivalent-grade (EQ) copper cathode premiums, to avoid any confusion regarding the deliverable status of its copper cathode assessments.

The three-month copper price on the London Metal Exchange has slumped significantly since hitting an all-time high of $11,104.50 per tonne on Monday May 20

Copper fabricators in China and the wider Southeast Asian region continue to feel the pain of high copper prices on futures exchanges and a lack of new orderbooks, with some having already asked for a postponing of shipments of long-term copper cathodes, sources told Fastmarkets in the week to Wednesday, May 15.

Could the copper market bullish marathon be taking a mini break? Fastmarkets senior analyst Andy Farida looks at London Metal Exchange copper price movements.

Global copper futures prices are in a frenzy, with record highs being logged on the New York-based Commodity Exchange (Comex), London Metal Exchange and Shanghai Futures Exchange (SHFE) in recent days

Copper prices have pushed up on global metal exchanges in recent weeks and the London Metal Exchange three-month copper price hit an all-time high on Monday May 20, but what are the key reasons behind the record-breaking surge in prices?

Fundamental supply tightness was part of the reason behind this week's LME three-month copper contract all-time high, but the rate of change was also down to an influx of financial investors and the interconnected squeeze on short positions on COMEX, sources told Fastmarkets