COMEX copper closed at $6.7665 per lb on 7 September, the highest close in our series going back to 1988. But after adjusting for inflation, the price remains 3.21% below the February 2011 peak — and the ten highest real closes in contract history all came in that month. The supply-side driver: Chile's weakest quarter in nineteen years, and negative treatment charges mean smelters are paying mines for concentrate. As for speculative positioning in the peak week itself, its report has not yet been published.
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