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Markets

Copper extends rally on tight supply, strong demand outlook

  • Three-month copper on the London Metal Exchange rose 1.3% to $9,214 a tonne by 0252 GMT, having hit a 9-1/2-year high of $9,269.50 a tonne in the previous session.
Published February 23, 2021

HANOI: Shanghai copper hit its highest in more than nine years on Tuesday while prices in London rose for a fourth straight session on tight supply and expectations of strong demand.

The most-traded April copper contract on the Shanghai Futures Exchange rose as much as 3% to 68,090 yuan ($10,542.21) a tonne, its highest since August 2011.

Three-month copper on the London Metal Exchange rose 1.3% to $9,214 a tonne by 0252 GMT, having hit a 9-1/2-year high of $9,269.50 a tonne in the previous session.

LME cash copper was at a $35.50 a tonne premium to the three-month contract, showing tight nearby supplies, as inventories of the metal in LME warehouses hovered around their lowest since 2005.

Premium for Yangshan bonded copper rose to $75 a tonne, its highest since August 2020, indicating solid demand from top consumer China for imported metal.

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