London copper climbs as tight supply, falling oil offer support
XLB•London copper rose 0.55% to $14,233 a metric ton, supported by supply concerns and lower oil prices. Tight supply in China lifted the Yangshan premium to $200 a ton, while Shanghai copper edged down 0.35%.
1. Supply concerns support copper
Benchmark three-month copper on the London Metal Exchange rose 0.55% to $14,233 a metric ton by 0326 GMT, recovering some of the previous week's losses. Supply concerns included stocks flowing into U.S. warehouses ahead of a potential tariff on refined copper imports and Chile's copper commission sharply lowering its 2026 output forecast.
2. Chinese demand indicators
China's Yangshan premium climbed to $200 a ton, close to its highest level in more than a decade, while inventories in Shanghai Futures Exchange-monitored warehouses fell more than 75% in six months. Analysts from ING said signs of tightness remained evident across the physical market. Lower oil prices could ease pressure on economic activity and demand for industrial metals.
