Copper drifts higher on tech equity gains, softer dollar
CPER•Copper rose for a third straight session, gaining 0.2% to $14,446 a metric ton by 0930 GMT, supported by stronger equity markets, hopes for firmer demand and a weaker dollar.
1. Copper gains continue
Benchmark three-month copper on the London Metal Exchange was up 0.2% at $14,446 a metric ton, after rising 1.1% on Monday. ING commodities strategist Ewa Manthey said gains in tech stocks were adding to optimism about future copper demand from data centres and power infrastructure.
2. Demand and market context
Copper has climbed 16% so far this year but eased from its September 10 record of $14,875. Growth in AI and defence is expected by S&P Global to boost copper demand by 50% by 2040. Trading was thinner than usual while China's Shanghai Futures Exchange was closed for the National Day holiday; it was due to reopen on October 8. A slightly weaker dollar also supported industrial metals.
