prices rose on Tuesday,
supported by swelling US inventories and a more bullish price
outlook from a major bank.
Three-month copper on the London Metal Exchange rose
0.36 per cent to $14,391 a metric ton by 0705 GMT, while the most-traded
November copper contract on the Shanghai Futures Exchange
closed down 0.27 per cent at 109,550 yuan ($16,403.38) a ton.
Goldman Sachs on Monday raised its end-2026 copper price
forecast to $14,700 a ton and its 2027 average to $15,400,
citing weaker mine supply and tightening markets outside the
United States. It expects deficits outside the US of 950,000
tons in 2026 and 220,000 tons in 2027.
Meanwhile, Comex copper inventories reached 791,679 short
tons, or about 718,200 tons amid stockpiling ahead of potential
US import tariffs.
The LME approved Owensboro, Kentucky, as another US delivery
point. LME copper inventories <MCUSTX-TOTAL> rose 2.99 per cent to
232,175 tons on October 16, according to the exchange’s latest
report on its inventories.
Copper also won 50 per cent of votes in an LME seminar poll on the
metal with the most price upside, amid expectations for
AI-related demand.
In China, the Yangshan import premium <SMM-CUYP-CN>, a gauge
of Chinese consumers’ appetite for imported materials stood at
$137 a ton on Monday, while domestic spot premiums <SMM-CU-PND>
fell 115 yuan to 710 yuan a ton.
Chinese broker Everbright Futures said cautious purchasing
at high prices and uncertainty over US tariffs could keep copper
trading within a range.
BHP reported a 19 per cent drop in quarterly copper output
to 400,700 tons after disruptions in Chile and Australia, but
maintained its annual guidance.
Among other LME metals, aluminium rose 0.51 per cent, zinc
gained 0.70 per cent, lead added 0.32 per cent, nickel
climbed 0.71 per cent and tin advanced 0.32 per cent.
On the SHFE, aluminium and zinc were flat,
lead gained 0.34 per cent, nickel climbed 0.98 per cent and
tin advanced 1.04 per cent.