Commodities
Chinese Demand Fuels Copper Price Rebound
Copper prices have rebounded as Chinese buyers return to the market following a recent pullback. Benchmark copper on the London Metal Exchange rose 1.2% to $14,408 a metric ton in official trading.
The metal had fallen 4% since hitting a record high of $14,875 a ton on September 10. The increase in US interest rates typically makes dollar-denominated metals more expensive for holders of other currencies, but strong Chinese demand has driven prices up despite this.
Symbols of robust physical demand in China include the Yangshan copper premium, which climbed to $118 a ton on Wednesday, its highest level since October 2022. Domestic physical market premiums also rose to 645 yuan a ton on Wednesday, their highest level since December 2023.