London copper rises on supply risks, China buying
RING•London copper rose 1.16% to $14,475 a ton, supported by mine disruptions and Chinese buying. The Yangshan premium reached $125 a ton, its highest since November 2022, while SHFE-monitored copper stocks rose 20,000 tons to 58,744 tons.
1. Copper prices rise
Benchmark three-month copper on the London Metal Exchange gained 1.16% to $14,475 a metric ton by 0700 GMT, recovering from a 1.15% decline in the previous session. It was up 1.52% for the week. The most-traded Shanghai Futures Exchange copper contract fell 0.57% to 110,110 yuan a ton.
2. Supply risks and demand
The Yangshan copper premium, a gauge of Chinese appetite for imported copper, rose to $125 a ton on Thursday, its highest since November 2022. Copper stocks in SHFE-monitored warehouses increased by 20,000 tons, or 51.6%, during the shortened week, to 58,744 tons.
3. Mine disruptions loom
A union at Antofagasta's Centinela mine in Chile said its ongoing strike would begin to weigh on output in November; Antofagasta had earlier downplayed the impact. Disruptions at other mines added to supply risks, while stocks outside the United States fell as copper was pulled into the country ahead of potential tariffs on refined copper imports.
