China's Copper Demand Fuels Market Rally
Copper prices rose for a fourth straight session on Friday, reaching near-record highs as robust demand in top consumer China continued to support the market.
Three-month copper on the London Metal Exchange gained 0.2% to $14,521 a metric ton by 10:09 GMT, after touching $14,572.5, its highest level since September 10 when it hit a record peak of $14,875.
The metal was up 2% for the week, driven in part by high-frequency data indicating that Chinese demand for copper, aluminium and flat steel was 1-2% higher year-on-year in the first half of September.
Goldman Sachs noted that end-user response to a higher copper price appeared more modest than in the past, but domestic copper scrap supply in China remained tight, contributing to further delays in the return of copper smelting capacity from maintenance.