Copper Prices Rally Amid Fears of Near-Term Supply Tightness

Copper prices held onto their gains on Monday, as traders weighed signs of near-term tightness in supply. The benchmark copper futures contract rose by as much as 0.5% in morning trade, building on its 11th advance in 12 weeks recorded just the day before.

The rally is being driven by concerns over a potential shortage due to planned maintenance at multiple copper refineries in China between October and November. This will limit an increase in metal availability, according to Shanghai Metals Markets.