Copper Holds Gains on Tight Supply, China Buying Interest

Copper held gains on Monday as traders weighed near-term supply tightness and signs of improving Chinese buying interest. LME copper rose 0.2% to $14,556.50 a ton as of 12:30 p.m. in Singapore, after posting its 11th advance in 12 weeks on Friday. Multiple Chinese copper refineries are scheduled for planned maintenance from October to November, according to Shanghai Metals Markets, limiting any major increase in metal availability. Port congestion in Shanghai is also clouding the pace of imported supply, SMM said. The Yangshan premium, a gauge of Chinese import demand, has eased from last week's highest level since November 2022 but remains elevated. Copper has rallied this year on bets the Trump administration will impose tariffs on refined metal, pulling imports into the US and squeezing other markets, offsetting the Federal Reserve's hawkish rate messaging. Other base metals were mixed: nickel rose 0.5%, zinc gained 0.7% and aluminum fell 0.3%. Singapore iron ore futures were little changed at $97.35 a ton.