Copper's Longest Rally Since 1994 Collides With a Shrinking Supply Chain
Context
Copper is riding its longest weekly winning streak since 1994, and the physical market underneath the rally keeps getting thinner. Benchmark prices on the London Metal Exchange notched a 10th straight weekly gain through last Friday, trading near $14,300 a ton and within reach of the record $14,527.50 set in January. On Comex, prices topped $6.70 a pound in August, a fresh all-time high. Behind the run sits inventory that keeps draining: LME warehouse stocks fell for 42 straight days through mid-August, the longest stretch since 2014, and nearly…
What it means
Causal chain
No clear market signal
How to read a signal
- Severity
- the event's market impact, 1–5
- Direction
- ↑ / ↓ likely price move for the asset
- Exp. move
- the size of the abnormal move we'd expect if the call plays out — not a claim a move will happen:Most flagged events don't move beyond noise; those count against us (see the track record).Ssmall<1%Mmoderate1–5%Llarge>5%
- Timeframe
- the window we measure over:1dshort5dmedium21dlong
- Conviction
- how well-established the directional call is (textbook → speculative) — not a guaranteed outcome:lowaveragestrong
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Sign up free →Not investment advice · for informational purposes only. Generated 7 Sept, 17:03 UTC