Copper hits three-week high, on track for seventh consecutive monthly gain

LONDON: Copper prices rose on Friday and were on track for a seventh consecutive month of gains as demand optimism outweighed concerns over stocks piling up in warehouses registered with major exchanges.

Benchmark three-month copper on the London Metal Exchange rose 1.3% to $13,472 a metric ton by 1056 GMT after touching $13,496 for its highest since February 4.

Base metals have been supported by investment demand for hard assets since October, one metals trader said.

The metal used in power and construction is up 9% so far this year and touched a record high of $14,527.50 in late January after a wave of speculative buying.

The first data release after the end of China’s nine-day holiday for the Lunar New Year showed that copper stocks in warehouses registered with the Shanghai Futures Exchange reached their highest in nearly 10 years as end-users slowed buying during the holiday and high prices discouraged some downstream demand.

ShFE copper stocks totalled 391,529 metric tons on Friday, up 44% from two weeks ago. Zinc and aluminium stocks were up 45% and 20% respectively.

Even though Chinese copper demand has been subdued since September, the global shift towards renewable energy and emerging demand from data centres are expected to provide secular support for copper demand, UBS analysts said in a note.

UBS sees spot copper prices at $15,000 a ton in 13 months, with global copper consumption rising 2.8% in 2026 and the market deficit widening to 520,000 tons this year from 203,000 tons in 2025.

Among other LME metals, tin jumped 5% to $57,040 after hitting $57,700 for its highest since the record peak of $59,040 on January 29. Tin is up 41% this year on supply concerns as Indonesia considers banning the export of several raw materials.

Aluminium lost 0.2% to $3,152 a ton, zinc was down 0.6% at $3,353 while lead eased by 0.2% to $1,980 and nickel gained 0.7% to $17,805.