Copper edges up on China factory data, heads for third straight monthly gain
RING•Copper rose 0.1% to $14,453 per metric ton and was on course for a monthly gain of around 1.1%, as China’s factory activity returned to growth. Shanghai copper warehouse stocks fell 17.8% from the previous week to 38,744 tons.
1. Copper gains modestly
Benchmark three-month copper rose 0.1% to $14,453 per metric ton in official London Metal Exchange trading and was set for its third consecutive monthly gain. It gained 8% in the third quarter after reaching a record $14,875 on September 10.
2. China factory activity expands
China’s official manufacturing purchasing managers’ index rose to 50.1 in September from 49.8 in August. A private RatingDog survey showed its factory activity measure climbing to a five-month high of 52.1 from 51.5. Copper stocks in Shanghai Futures Exchange warehouses fell 17.8% from the previous week to 38,744 tons, their lowest level since January 2024.
3. Market support and other metals
ING commodities strategist Ewa Manthey said expectations of a relatively tight market balance in coming quarters were supporting copper, adding that structural demand trends and constrained supply growth should help prices stay well supported through the fourth quarter. The Shanghai Futures Exchange was due to close for China’s National Day holiday and reopen on October 8. Nickel and tin rose, while aluminium, zinc and lead declined.
