The metal is heading for its longest run of gains in four months.
While some imported copper has arrived in China, much of it has gone directly to fabricators rather than warehouses, keeping spot supplies constrained, according to Shanghai Metals Market.
Demand is also getting a seasonal boost as some downstream manufacturers stock up ahead of the Mid-Autumn Festival and National Day holidays, SMM said in a note. Copper cathode inventories in Shanghai, a major trading and consumption hub, fell to 43,900 tons, the lowest since 2023, according to weekly data released by SMM on Monday.
Copper has rallied this year as bets that the Trump administration would slap tariffs on refined metal triggered an increase of imports to the US, squeezing markets elsewhere.
Prices hit an all-time high of $14,875 a ton on Sept. 10, before hitting turbulence amid growing doubts about the timeline for potential tariffs and hawkish messaging from the Federal Reserve. Higher interest rates typically damp demand for industrial commodities.
Three-month copper futures on the London Metal Exchange rose 0.6% to $14,745 a ton by 10:45 a.m. Shanghai time. All other LME base metals also gained, while iron ore futures in Singapore ticked lower.
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