LME Copper Prices Bottom Out Amid Stable Scrap Indicators

The LME copper prices showed an overall bottoming-out trend this week, as they opened at $14,017/mt on Monday and consolidated around $14,450/mt. The LME payable indicator for copper scrap outside China remained generally stable despite the rise in copper prices.

Both upside and downside room for the LME payable indicator is somewhat limited, making a notable adjustment unlikely in the short term. High copper prices are capping further upside for the LME payable indicator, while tight supply and high spot premiums provide solid support.

As China's National Day holiday approaches, some downstream enterprises have shown restocking demand ahead of the holiday, improving buying interest slightly. However, the tight supply situation has not eased, with overall offer volumes in markets outside China remaining limited.