Active demand in China sets copper on track for weekly gain
LONDON: Copper prices rose for a fourth straight session on Friday, climbing back towards record highs as robust demand in top consumer China continued to underpin the market. Three-month copper on the London Metal Exchange gained 0.2% to $14,521 a metric ton by 1009 GMT, after touching $14,572.5, its highest level since September 10, when it hit a record peak of $14,875. The metal was up 2% for…
Active demand in China has propelled copper prices towards record highs, with three-month copper on the London Metal Exchange gaining 0.2% to $14,521 a metric ton by 1009 GMT, marking its highest level since September 10. High-frequency data suggest Chinese demand for copper, aluminium, and flat steel was 1-2% higher year-on-year in the first half of September.
The Yangshan copper premium, a gauge of Chinese demand for imported copper, has surged 72% so far in September to $124 a ton, its highest level in nearly four years. Dollar-priced metals have become more attractive for Chinese buyers as the yuan strengthened against the US currency. Traders are awaiting a meeting between US President Donald Trump and Chinese leader Xi Jinping, which could influence the market.
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