Copper Demand in China Sets Prices for Weekly Gain

Copper prices have continued their upward trend for a fourth consecutive session, nearing record highs as robust demand in top consumer China remains strong.

The three-month copper price on the London Metal Exchange rose by 0.2% to $14,521 per metric ton by 1009 GMT, after touching $14,572.5, its highest level since September 10 when it hit a record peak of $14,875.

According to high-frequency data, Chinese demand for copper, aluminium, and flat steel was 1-2% higher year-on-year in the first half of September, with end-user response to higher copper prices being more modest than in the past, according to Goldman Sachs.