Key Takeaways
- Copper prices increased, reaching a record high of $14,875 a metric ton.
- China's demand, particularly on the Shanghai Futures Exchange, drove the metal's price.
- Expectations of inventory rebuilding before Chinese holidays supported the market.
Copper prices rose on Tuesday, reaching a record high of $14,875 a metric ton, driven by strong demand in China, the world's largest consumer of the metal.
On the London Metal Exchange, the benchmark three-month copper price increased by 0.61% to $14,750.5 a metric ton by 0300 GMT, marking a sixth consecutive session of gains.
The Shanghai Futures Exchange saw the most-traded copper contract jump 1.56% to 111,670 yuan ($16,675.88) a ton, bolstered by renewed speculative support.
The Yangshan copper premium, a measure of Chinese appetite for imported copper, fell to $119 a ton on Monday, but remained 65% above the start of the month.
Available copper stocks in LME-registered warehouses decreased to 133,725 tons on Monday, following 9,600 tons of fresh cancellations in Asia.
Support for the market also came from expectations that Chinese buyers would rebuild inventories before holidays on September 25 and from October 1 to 7.
Traders were awaiting a meeting between US President Donald Trump and Chinese President Xi Jinping later this week for signals on trade ties and the global economic outlook.
Among other LME metals, aluminium rose 0.34%, zinc gained 0.27%, lead was little changed, nickel advanced 0.63%, and tin climbed 0.62%.
On the Shanghai Futures Exchange, aluminium was little changed, zinc was steady, lead added 0.34%, nickel gained 0.79%, and tin climbed 0.94%.
