Copper rose 0.7% to $14,421.50 per metric ton as recovering AI-stock sentiment and stronger Chinese demand supported prices, while higher oil prices and a firmer dollar capped gains. China’s Yangshan copper import premium reached a nearly 13-year high of $178 a ton.
Benchmark three-month copper on the London Metal Exchange was up 0.7% to $14,421.50 per metric ton at 1030 GMT on Tuesday, after ending the previous session little changed. Prices found support from rebounding AI stocks, expectations of demand from AI infrastructure expansion and constrained supply, particularly in China, said ING commodities strategist Ewa Manthey.
China’s Yangshan premium, a gauge of appetite for copper imports, reached $178 a ton on Monday, its highest in nearly 13 years. The cash LME copper contract traded at a $206-a-ton premium over the three-month forward contract, the most since August 27. Shanghai Futures Exchange copper stocks fell more than 25% last week to 54,356 tons as Chinese smelters entered maintenance.
Higher oil prices and a firmer dollar capped gains. LME copper stocks rose last week, with their concentration in North America adding to concerns about regional supply bottlenecks. Aluminium gained 0.3%, zinc rose 0.7%, nickel and tin each added 0.6%, and lead slipped 0.1%.
