Copper Rises on Chinese Buying as Southern Copper and Freeport Gain
Copper rose for a third session on signs of Chinese physical buying. Southern Copper gained 3.28% and Freeport 2.33% while the dollar barely moved. The post Copper Rises on Chinese Buying as Southern Copper and Freeport Gain appeared first on The Rio Times .
Copper prices had an unexpected surge this week, defying predictions that it would fall due to the Federal Reserve's rate increase. The metal closed at US$39.66, up 2.77%, marking the third consecutive daily gain. Chinese buyers returned to the market, driving up import premiums at Yangshan, the main gateway for refined metal into China, and causing London warehouse stocks to fall.
This physical demand, rather than financial positioning, drove the copper rally. Chile and Peru, which produce roughly 23% and 12% of global mine output respectively, benefited from the rise. Southern Copper and Freeport-McMoRan, two major copper producers, both rose by 3.28% and 2.33% respectively. The move was orderly, with daily ranges staying narrow, indicating physical buyers rather than speculative positioning.
The next significant question is whether the Chinese restocking will continue past the National Day holiday at the start of October. Until then, the market's response suggests genuine demand rather than a short-term price blip.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
