Copper prices are down 0.18% to 878.3. Investors are a little scared due to the conflict between Israel and Iran and the unclear supply-demand situation. However, prices are somewhat stable due to the low availability of copper worldwide.
LME (London Metal Exchange) copper stocks are at 107,350 tons. This is 60% lower than in March and the lowest level seen since May 2024. Copper stocks have fallen by 80% this year.
The world’s second largest copper producer – produced 7.91% more in April. This was due to higher production by Southern Copper and Las Bambas companies. It is expected to produce 2.8 million tons of copper in 2024.
Globally, the refined copper market was oversupplied by 17,000 tons in March. This is lower than the 180,000 ton oversupply in February, indicating that supply and demand are starting to balance out.
