Copper Hits Nearly Two-Week High as China Resumes Trading
đ Three-month copper futures on the LME rose 0.96% to $14,614.5 per tonne, briefly reaching $14,646.5, their highest level in nearly two weeks. Meanwhile, copper prices on the Shanghai Futures Exchange gained 1.41%.
đšđł Chinese markets reopened following the week-long National Day holiday, boosting expectations of inventory restocking and supporting base metal prices.
âïž In Chile, a strike at the Centinela mine has raised concerns over copper supply. However, Antofagasta said its production outlook remains unchanged, suggesting the actual impact has yet to materialize.
đ Despite the price recovery, copper inventories in China increased after the holiday, while spot premiums declined, reflecting cautious physical demand. Supply risks may continue to support prices, but the sustainability of the rally will depend on actual buying activity.
#Copper $FET $XCU
đ Three-month copper futures on the LME rose 0.96% to $14,614.5 per tonne, briefly reaching $14,646.5, their highest level in nearly two weeks. Meanwhile, copper prices on the Shanghai Futures Exchange gained 1.41%.
đšđł Chinese markets reopened following the week-long National Day holiday, boosting expectations of inventory restocking and supporting base metal prices.
âïž In Chile, a strike at the Centinela mine has raised concerns over copper supply. However, Antofagasta said its production outlook remains unchanged, suggesting the actual impact has yet to materialize.
đ Despite the price recovery, copper inventories in China increased after the holiday, while spot premiums declined, reflecting cautious physical demand. Supply risks may continue to support prices, but the sustainability of the rally will depend on actual buying activity.
#Copper $FET $XCU