Copper Prices Remain Steady on Signs of Tighter Supply

Three-month copper prices on the London Metal Exchange rose 0.2 percent to reach $6,643 a tonne on Wednesday, according to Reuters. This followed a 1.1 percent decrease in the previous session.

Nic Brown, head of commodities research at Natixis, told the news outlet, “China’s State Reserves Bureau has accumulated up to 700,000 tonnes (of copper), that is what results in a deficit for this year. But what happens next year if the SRB stops buying, that’s what the market is pricing in, it’s saying there’s too much copper (longer term).”

Copper also steadied on the Comex, rising $0.7 cents. or 0.23 percent, to trade at $3.009 a pound following two consecutive losses, according to Nasdaq.