LME Copper Stock Surges to Near-Year High, Copper Price Under Pressure Leading to Largest On-Chain Long Liquidation at 41%

BlockBeats News, March 17th, according to Hyperinsight Monitoring, London Metal Exchange copper inventory surged by 18,775 tons, hitting a new high since 2019, and supply pressure sharply increased, putting pressure on the copper price. Influenced by this news, on Hyperliquid, the price of COPPER (Copper Futures Index Contract) briefly fell by over 1.4%, currently trading at $5.76.

On-chain long positions took the hardest hit, with the largest long position for COPPER on Hyperliquid (0x877) seeing its floating loss widen to 41%, with a position size of approximately $4.02 million, an average price of $5.998, and a liquidation price of $5.313.