Copper heads for a weekly gain on mine supply risks, China demand
CPER•Copper was on track for a 2.0% weekly gain, supported by mine supply concerns and signs of active demand in China. The LME benchmark rose 1.8% to $14,565 a metric ton in official trading.
1. China demand and inventories
The Yangshan copper premium, a gauge of China’s appetite for imported copper, ended the week at $135 a ton, its four-year high, as the country returned from a week-long holiday. Shanghai Futures Exchange-monitored inventories rose 20,000 tons from end-September to 58,744 tons, while LME-registered stocks fell to a six-week low of 233,025 tons after daily outflows of 4,700 tons.
2. Supply risks persist
Tightness in nearby LME supply was reflected in the cash copper contract ending Thursday at a $97-a-ton premium to the three-month contract. A union at Antofagasta’s Centinela mine in Chile said the ongoing strike would begin to weigh on output in November; Antofagasta had earlier downplayed the impact.
3. US stockpiling context
Copper prices have been supported since 2025 by transfers of metal into Comex warehouses amid uncertainty over potential U.S. import tariffs on refined copper. Comex inventories stood at a record 711,609 tons. Morgan Stanley said any slowdown in U.S. stockpiling could make the market feel looser, while China’s demand had been resilient and supply faced significant disruptions.
