Copper Prices Rise on Signs of Active Demand from China

Copper prices rose on Wednesday, supported by signs of active demand in top consumer China. Three-month copper on the London Metal Exchange gained 1.1% to $14,231 a metric ton in official open-outcry trading.

The metal is down 4% since hitting a record high of $14,875 last week, as the premium of the COMEX copper futures against London prices fell sharply.

Chinese buyers are taking advantage of the recent price dip to restock copper, helping lift import premiums, said David Wilson, head of metals strategy at BNP Paribas. The Yangshan copper premium rose 7% to $118 per ton, its highest level in almost four years.