Copper nudges up on support from stock market rally and China demand
XLB•Copper rose as a stock market rally and signs of strong Chinese demand supported prices. LME copper was up 0.22% at $14,359.5 a metric ton, while the Yangshan premium reached $178 a ton, its highest since 2014.
1. Copper prices rise
Benchmark three-month copper on the London Metal Exchange was up 0.22% at $14,359.5 a metric ton by 0301 GMT. The most-traded Shanghai Futures Exchange copper contract rose 0.5% to 109,420 yuan ($16,404.80) a ton. ANZ strategist Daniel Hynes said sentiment was boosted by a recovery in AI stocks after Anthropic announced its IPO.
2. Chinese demand indicators strengthen
The Yangshan copper premium, a gauge of China's appetite for imported copper, reached $178 a ton on Monday, its highest since 2014. The Chinese domestic copper premium rose 5.88% from the end of last week to 900 yuan a ton, its highest in two weeks. SHFE copper stocks fell more than 25% last week to 54,356 tons as Chinese smelters entered maintenance periods. LME-registered stocks rose, with most deposits in North America.
