Copper ticks higher; set for third straight monthly gain on China factory PMI
Three-month copper on LME up 0.2% to $14,465/mt by 0930 GMT, aiming for a ~1.2% monthly rise as China manufacturing PMI returns to growth; stocks in Shanghai warehouses fall 17.8% to 38,744 tons.
(Adds analyst comment, updates prices) Sept 30 (Reuters) — Copper ticked higher on Wednesday and was set to post its third monthly gain in a row as factory activity in China returned to growth, although trading remained subdued ahead of a week-long holiday in the world's biggest metals consumer. 2%. 2% in the third quarter, having hit a record high of $14,875 on September 10. 8 in August.
5. 8% from last week to 38,744 tons, the lowest since January 2024. The ShFE will close from Thursday for China's National Day holiday, reopening on October 8. Copper is finding support from expectations of a relatively tight market balance over the coming quarters, said ING commodities strategist Ewa Manthey.
"While uncertainty around global growth and trade policy remains a consideration, structural demand trends and constrained supply growth should help keep prices well supported through Q4," she added. The domestic premium for physical copper in China has slipped from last week's peak of 1,375 yuan ($205) a ton to 1,050 yuan a ton, but the Yangshan premium — a gauge of appetite for imported copper — rose slightly to $119 a ton. 1% to $54,005. com;)