Traders are paying huge premiums for quickly deliverable copper after stockpiles in the LME warehouse system tumbled to their lowest level in decades.

Local leaders say Las Bambas has brought pollution to the area and little in the way of economic development.

The spread between cash and three-month futures surged to over $1,000 on the LME on Monday, a premium not seen since at least 1994.

Demand for copper, nickel, lithium, and cobalt has risen sharply, driven by the global move to lower carbon emissions and electric vehicle makers chasing battery ingredients.

Mining investor will acquire a 19.2% stake in EV battery metal miner for about $80.2 million.

This year’s LME Week was a subdued affair by comparison with past excess, writes Andy Home.