Commodities
Copper Prices Climb as Chinese Buyers Return to Market
Copper prices are rising after Chinese buyers returned to the market following a recent decline. The metal has been trading higher despite a US interest rate increase, which typically makes dollar-priced metals more expensive for holders of other currencies.
Benchmark copper on the London Metal Exchange traded 1.2% higher at $14,408 per metric ton in official rings. This is after falling 4% since reaching a record high of $14,875 a ton on September 10.
The increase in prices comes as Chinese buyers return to the market with strong physical demand driving up premiums. The Yangshan copper premium, a gauge of Chinese demand for copper imports, rose to $118 a ton on Wednesday, its highest since October 2022.