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Copper prices are maintaining levels just below their all-time highs while London Metal Exchange (LME) stockpiles show a continuing decline. This trend leaves net available copper stocks at 107,250 tonnes, which market observers consider a notably low figure. Robert Friedland highlights that remaining physical copper inventories are being distributed both east and west, meaning tightness in global supply could persist. Additionally, copper import premiums into China are drawing attention as traders follow shifting flows and demand patterns.
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Friedland has previously highlighted ongoing copper mine supply disruptions expected to keep markets tight, with interruptions supporting higher prices in recent remarks. He has also cited the U.S. executive order requiring a comprehensive mapping of critical mineral supply chains for defense as a key development. These factors remain in focus as physical copper inventories continue to shrink.