Copper leads base metals higher ahead of LME Week
XLB•Copper rose 0.8% to $14,462.50 a metric ton as a weaker dollar supported base metals and risk appetite improved. Copper is up 17% this year, while several metals are in backwardation ahead of LME Week.
1. Copper gains ahead of LME Week
Three-month copper on the London Metal Exchange rose 0.8% to $14,462.50 a metric ton by 0959 GMT on Friday, recovering from a near two-week low touched Thursday. The annual LME Week gathering in London is scheduled for next week, when monthly LME contracts also expire.
2. Supply and price outlook
Copper, zinc, aluminium and tin are in backwardation, with cash contracts trading at a premium to three-month contracts, a structure that points to some tightness in nearby supply. Marex metals researcher Ian Roper said refined copper tightness this year reflected metal flowing into the United States ahead of anticipated tariffs in January; he expects copper to face pressure toward year-end as that shipment window begins to close in early December. Copper is up 17% this year after reaching a record $14,875 five weeks ago.
3. Other metals rise
Aluminium gained 1.2% to $3,023 a ton, zinc rose 1.0% to $3,699, nickel added 1.0% to $15,365, lead climbed 0.8% to $1,895 and tin rose 1.3% to $50,610. Analysts expect aluminium to swing into a surplus in 2027 as Indonesian supply grows and Gulf smelter flows recover; Roper said rising Chinese exports would weigh on zinc prices in coming months.
