SINGAPORE — Copper on the London Metal Exchange and the Shanghai Futures Exchange held near the highest levels since late March, driven by concerns over tight regional supply and increased shipments to the US as traders rush to beat potential import tariffs.
Three-month copper on the LME was flat at $10,005 per metric ton, but hovered near its highest point since March 26. The most-traded copper contract on the SHFE gained 0.27 percent to 80,840 yuan ($11,285.77), its strongest level since March 27.
“The United States is busy with trade talks with its major trade partners, and may deal with copper import tariff later, and this has been viewed as extra time by the traders to move copper to the United States when the prices over there are much higher,” said a Shanghai-based metals analyst from a futures company.
US Comex copper futures HGc3rose 2 percent to $5.199 a pound on Wednesday, and the premium against the LME copper futures was 14 percent.
Total copper stocks in LME-registered warehouses remained near their lowest levels since August 2023, despite a slight rebound over two days. Available inventories have dropped 76 percent since mid-February, as cargoes were rushed to the United States following its investigation into copper imports and the prospect of new tariffs.
SHFE lead gained 0.7 percent to 17,290 yuan a ton, zinc was up 0.7 percent at 22,370 yuan, nickel advanced 0.6 percent to 121,550 yuan and aluminium edged 0.2 percent higher to 20,710 yuan.
LME lead gained 0.2 percent to $2,064.5 a ton, nickel inched up 0.15 percent to $15,325, tin was up 0.15 percent at $33,765, and aluminium nudged 0.1 percent higher to $2,622.5, while zinc eased 0.11 percent to $2,754.5.
