Copper hits five-month high as supply disruptions deepen – ING

LME Copper prices extended the upward rally for a fourth straight session this morning, with prices moving above $10,785/t (the highest since May 2024), amid expectations of US interest rate cuts and ongoing supply disruptions, ING's commodity experts Ewa Manthey and Warren Patterson note.

Industrial metals rally on rate-cut hopes and mine outages

"Recent reports of supply disruptions at major mines – including Freeport-McMoRan Inc. (Grasberg), Codelco (EI Teniente) and Hudbay Minerals Inc. – have led to a sharp downward revision in the output guidance for the year."

"Meanwhile, LME data shows that on-warrant inventories for lead fell by 26,525 tonnes (the biggest daily decline since 18 July 2025) after reporting gains for three consecutive sessions to 185,200 tonnes as of 3 October, the lowest since 20 May 2025. Most of the outflows were reported into Singapore warehouses."

"Total inventories of lead rose by 3,750 tonnes for a fourth straight session to 237,500 tonnes, while cancelled warrants increased by 30,275 tonnes for a second consecutive session to 52,300 tonnes for the period."