Copper prices on the London Metal Exchange neared the $2-per-pound threshold during morning trading on Wednesday, reaching as high as $1.99 per pound for delivery three months forward.
According to a report by Bloomberg L.P., the high pricing is being driven not only by continued speculation but also by news that LME stockpiles have been reduced by another 350 metric tons.
Analysts contacted by the news organization said traders may well have the $2 per pound target in mind, although by the afternoon hours (London time) pricing had begun to drift downward by a few dollars per ton.
LME copper stockpiles had been building in the late summer and early fall, but that supply still only represents about two days of global consumption, according to the Bloomberg report.
On the supply side, several smelters are producing less because of maintenance shutdowns or inadequate power supplies.
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