Copper metal price today October 10: "Up in the air", jumped more than 4.22%, reaching a 16-month peak

Copper surges to 16-month high amid tight supply

Copper prices on both major exchanges had an impressive acceleration session, setting new highs thanks to a series of news about tightening global supplies.

Copper metal price today 10 10 Upward copper, jumped more than 4.22%, reaching a 16-month peak — Copper surges to 16-month high amid tight supply

On the Shanghai Futures Exchange (SHFE), the most actively traded copper contract jumped 4.22% to close at 86,730 yuan/ton (equivalent to $12,165.97/ton). Earlier in the session, the contract hit its highest level since May 22, 2024, reaching 86,950 yuan/ton.

Meanwhile, at the London Metal Exchange (LME), the three-month benchmark copper price continued its upward trend from the previous session, jumping 1.92% to $10,873.5/ton, officially setting a new high in the past 16 months.

Supply tension pushes market into deficit risk

The main driver behind the rally is revised supply and demand forecasts. The International Copper Study Group (ICSG) has significantly lowered its 2025 market surplus forecast to 178,000 tonnes, down from its previous estimate of 289,000 tonnes. The change comes on the back of disruptions at key mines, notably a month-long shutdown at Freeport’s Grasberg mine in Indonesia.

More notably, ICSG also expects the market to move into a deficit of 150,000 tonnes by 2026, completely reversing its previous forecast of a surplus of 209,000 tonnes.

Supply pressure was further reinforced when Teck Resources Group announced on the same day that it had cut its production forecast at the Quebrada Blanca copper mine, one of Chile's largest, until 2028.

Other base metals increased sharply

Not only copper, other base metals also dyed bright green on both floors.

On the SHFE, Tin was the second-highest gainer, rising 3.49% to 287,770 yuan per tonne, boosted by Indonesia's crackdown on illegal mining. Other metals also rose: Nickel rose 2.52%, Zinc rose 1.87%, Aluminum rose 1.71%, and Lead rose 1.21%.

On the LME floor, the upward momentum continued to spread: Nickel increased by 1.26%, Aluminum increased by 1.22%, Tin increased by 1.11%, Lead increased by 0.92%, and Zinc increased by 0.65%.

Source: https://baodanang.vn/gia-kim-loai-dong-hom-nay-10-10-len-dong-vot-hon-4-22-lap-dinh-16-thang-3305960.html