METALS — Copper set for weekly gain as China demand offsets US policy pressure
Sept 18 (Reuters) — Copper was set to end the week higher on Friday, as stronger physical demand in China helped withstand pressure from US tariff uncertainty and higher interest rates. Three-month copper on the London Metal Exchange slipped 0.2% to $14,467.50 a metric ton by 0331 GMT, but was on track to gain around 1.6% for the week. The most-traded copper contract on the Shanghai Futures Exchange rose 1.3% to 109,500 yuan ($16,348.90) a ton and was up about 0.8% so far this week. Signs of firmer physical buying in China have strengthened after copper retreated from record highs last week, helping to offset headwinds from US policies. Washington has yet to decide whether to impose tariffs on refined copper, Copper's resilience was showcased in premiums. The Yangshan copper premium, a gauge of Chinese demand for imported copper, rose to $121 a ton on Thursday, its highest since October 2022. The premium has climbed from $85 at the end of last week. Domestic premiums remained elevated, with the premium paid over SHFE copper at 630 yu
Sept 18 (Reuters) — Copper was set to end the week higher on Friday, as stronger physical demand in China helped withstand pressure from US tariff uncertainty and higher interest rates. 6% for the week. 8% so far this week. Signs of firmer physical buying in China have strengthened after copper retreated from record highs last week, helping to offset headwinds from US policies.
Washington has yet to decide whether to impose tariffs on refined copper, Copper's resilience was showcased in premiums. The Yangshan copper premium, a gauge of Chinese demand for imported copper, rose to $121 a ton on Thursday, its highest since October 2022. The premium has climbed from $85 at the end of last week. Domestic premiums remained elevated, with the premium paid over SHFE copper at 630 yuan a ton on Thursday, slightly below 645 yuan the day earlier as the exchange price recovered.
Copper also benefited as oil prices fell for a third session. Easing concerns over Saudi supply disruptions outweighed fresh fighting between Saudi Arabia and Iran-backed Houthis in the Middle East. Brent crude fell near 1% today, but remained well above $100 a barrel. 3%.
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