Copper hits record above $6.7 as DR Congo ban and U.S. buying tighten market

Copper remained near record highs after the Democratic Republic of Congo banned exports of copper and cobalt concentrates, adding a fresh supply risk to a market already tightened by heavy U.S. buying ahead of possible tariffs and disruption at Codelco's El Teniente mine. LME three-month copper jumped about 2% on August 6 to $14,369 a metric ton, a six-and-a-half-month high near January's record, before easing to $14,103.50 on August 7 as traders took profits and weighed mixed speculation over additional U.S. tariffs. The export curb has intensified concern over short-term concentrate availability because the DRC is one of the world's leading copper and cobalt producers and domestic smelting capacity is still limited. More than 200,000 tons arrived at U.S. ports in July, the largest monthly inflow in more than a decade, while deliverable copper stocks on the Shanghai Futures Exchange nearly halved in July to 69.3 thousand tonnes. Market participants also point to pre-emptive global stockpiling ahead of possible U.S. tariffs and tightening physical demand outside the U.S. as forces keeping prices elevated. Copper's long-term outlook remains tied to decarbonization spending, including electric vehicles, renewable power and grid upgrades, which are expected to lift demand over the next decade. Analysts are split on whether prices will set new records soon, with bulls citing constrained mine supply and resource nationalism, while more cautious voices warn that speculative buying, U.S. tariff uncertainty and the risk of slower growth in China could trigger a correction.