Copper Hits Six-Day High on Chinese Buying Ahead of Holidays

Copper prices continued their upward trend on Tuesday, marking six consecutive days of gains. The London Metal Exchange's benchmark three-month copper price rose by 0.7% to $14,770 a metric ton, following a 1% increase in the previous session.

The metal has seen an impressive 18% rise so far this year, largely driven by large shipments of metals to the US amidst speculation about tariffs on refined copper. However, copper hit a record peak of $14,875 on September 10 before falling due to concerns that tariffs may increase costs for manufacturers.

Analysts point to China's buying activity as a key factor supporting copper prices. Ewa Manthey, commodities strategist at ING, said, 'Copper is finding support from tightening physical market conditions in China.' The country's upcoming holidays and smelter shutdowns have led to renewed speculative interest.