Copper found a footing with a modest uptick in London Metal Exchange futures, building on a small gain from the prior session. Even with that, prices are still well off last week's record, which had been propelled by wagers on a US tariff driven squeeze on supply.
This year, traders have been funneling metal into US warehouses to be positioned for potential tariffs that could lift domestic prices. The White House has yet to roll out new measures. At the same time, stockpiles in LME accredited depots outside the US climbed again this week, softening the risk of a near term supply pinch.
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Time spreads have flipped: the three month contract trades $62.53 a ton above immediate delivery, a contango that points to comfortable supply after a bout of backwardation in recent weeks. Markets broadly anticipate the Fed to implement a hike - the first increase in rates since 2023 - a setting that typically weighs on non yielding assets like commodities. Elsewhere, nickel fell 0.7% to its lowest level this year, and Singapore iron ore eased 0.1% to $95.35 a ton.
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