(Updates prices, changes dateline to London)
By Polina Devitt
LONDON, Aug 6 (Reuters) - Copper prices hit their highest in
six months on Thursday as worries about tightening stocks
outside the United States coincided with concerns about reduced
supply of concentrates from the Democratic Republic of Congo.
Benchmark three-month copper on the London Metal
Exchange was 1.2% higher at $14,275.50 a metric ton by 1005 GMT
after hitting $14,369.5, the highest since the January 29 record
of $14,527.5.
Congo banned exports of copper concentrate and cobalt
concentrate as it tries to force domestic processing and retain
more value from its mineral resources, according to a new
government order reviewed by Reuters on Thursday.
The development inflated worries about supply and added to
uncertainty over possible U.S. import tariffs, which kept COMEX
copper above the LME benchmark and drew metal into U.S.
warehouses.
COMEX copper futures hit a record high of $6.723 per lb
on Thursday and traded at a premium against the LME contracts
as the market continued to price in a potential
U.S. import tariff decision.
The most active COMEX September contract was last up
1.3% at $6.817 per lb ($15,029 a ton).
The premium for LME cash copper over the three-month
contract widened to $130 a ton, the most since
October, signalling tightening conditions for near-term supply
with total copper stocks in the LME-registered warehouses at
226,650 tons, the lowest since mid-February.
StoneX estimated at least 1.2 million tons of copper have
entered the U.S. since February 2025, leaving about 64% of
globally visible inventories in the country.
In other LME metals, nickel was down 2.2% at $16,735
a ton, having touched its lowest since July 13 at $16,565 after
Chinese market information hub SMM reported that one of
Indonesia's nickel miners had received an additional quota for
nickel ore production.
LME aluminium rose 0.4% to $3,253.50, zinc
added 1.7% to $3,790, lead gained 0.5% to $1,894.50 and
tin edged up 0.1% to $56,515.