Copper futures eased to $3.8 per pound after reaching a near five-month high of $4 on November 11th, as hawkish remarks from Fed officials eased expectations of higher industrial demand. Still, copper futures remain over 12% up since the start of November, supported by expectations of higher industrial activity in China and looming supply concerns. Beijing trimmed the quarantine time for individuals in contact with Covid infections despite rising cases, raising hopes that further reopening measures could follow. On the supply side, commodity trader Trafigura warned that global copper stocks have fallen to record lows, with current inventories enough to supply world consumption for just 4.9 days. Freeport-McMoran was also vocal about shortage risks, stating that current low prices do not reflect the tightness in the physical market. Historically, Copper reached an all time high of 5.02 in March of 2022. Copper futures are widely traded on the London Metal Exchange (LME), at the COMEX and on the Multi-Commodity Exchange in India. The standard contract is 25,000 lbs. Copper is the third most widely used metal in the world. Chile accounts for over one third of world’s copper production followed by China, Peru, United States, Australia, Indonesia, Zambia, Canada and Poland. The biggest importers of copper are China, Japan, India, South Korea and Germany. Copper market prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our copper market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.