Copper rebounds as supply risks, China demand lend support
CPER•London copper rose 1.08% to $14,464 a metric ton as mine disruptions and demand in China supported prices; the Yangshan premium reached $125 a ton, its highest since November 2022.
1. Copper prices rise
Benchmark three-month copper on the London Metal Exchange gained 1.08% to $14,464 a metric ton by 0300 GMT, recovering most of the previous session’s 1.15% loss. Prices were up 1.44% for the week. The most-traded Shanghai Futures Exchange contract fell 0.61% to 110,060 yuan a ton.
2. Mine supply risks
A union at Antofagasta’s Centinela copper mine in Chile said its ongoing strike would begin to weigh on output in November, when production could fall by half. Antofagasta had earlier downplayed the strike’s impact. Disruptions at other mines added to supply concerns, while stocks outside the United States fell as copper was drawn into the country ahead of potential tariffs on refined copper imports.
3. China demand gauge
The Yangshan copper premium, a gauge of China’s appetite for imported copper, rose to $125 a ton on Thursday, its highest since November 2022, as China returned from a week-long holiday.
