Copper prices fell on Wednesday under pressure from a stronger dollar and profit-taking after the metal tested technical resistance above $14,800 a metric ton.
Benchmark three-month copper on the London Metal Exchange (LME) was down 0.6% at $14,655 a ton in official open-outcry trading after touching $14,833 for its highest since the record high of $14,875 on September 10.
Comex copper hit a record peak of $6.83 per lb, or $15,057 a ton, on Tuesday before retreating on Wednesday.
Comex copper inventories have started to record modest daily inflows as the premium on US copper futures over LME prices edged higher after a sharp pullback.
That pullback was triggered by a Reuters report that the White House had yet to decide on copper import tariffs that have raised concerns over affordability.
After months of heavy inflows, Comex warehouses now hold 69% of the roughly 1 million tons of copper tracked by global exchanges, supporting concerns about tightness outside the US.
The backdrop has helped LME copper prices to gain 18% this year and currently coincides with signs of robust demand in top consumer China ahead of public holidays on September 25 and October 1 to October 7.
Half of the 252,500 tons of copper stored in LME-registered warehouses , meanwhile, has been earmarked for delivery.
The impact of these supportive factors is evident in the spread between the LME cash copper contract and the three-month benchmark , which swung to a premium this week.
The premium was last at $76 a ton, compared with a discount of $86 on September 14.
"Buyers are willing to pay a premium to secure metal sooner, reinforcing the narrative of a tighter market," analysts at RBC Capital Markets said.
On the supply side, traders were awaiting an update on contract negotiations with workers at BHP's Escondida copper mine.
In other metals, LME aluminium slipped by 0.2% to $3,258 a ton in official activity while zinc and lead eased by 0.5% to $3,892 and $1,926 respectively. Nickel lost 0.2% to $16,595 and tin was steady at $54,200.
