Copper Prices Surge to 11th Weekly Gain on Strong Chinese Demand

London Metal Exchange copper futures rose for an 11th consecutive week, settling at $14,521.50 per tonne on Friday, with year-to-date gains nearing 17%. The Yangshan copper premium, a key indicator of Chinese import demand, climbed to $124 per tonne, its highest level since November 2022.

The Federal Reserve's first rate hike in three years was largely absorbed by the market, despite higher interest rates typically dampening manufacturing demand. Investors were not deterred by the Fed's hawkish stance and falling oil prices, which actually reinforced confidence in the central bank's ability to contain inflation.

Market participants remain focused on the trajectory of US copper tariffs, with analysts at BMI predicting base metal prices will remain largely range-bound until tariff policy becomes clearer. The market continues to await a definitive decision on US copper tariffs.