Copper Retreats From Two-Week Highs
Copper futures fell to around $6.60 per pound on Thursday, ending a four-session winning streak as traders took profits following recent gains. Sentiment was also dampened by disappointing earnings from Alphabet and Samsung, which revived concerns over the sustainability of artificial intelligence investments and weighed on risk appetite. Despite the pullback, copper remained near a two-week high amid tightening physical supplies in China, the world’s largest consumer of the metal, as reflected in rising import premiums. The Yangshan copper premium, a key indicator of Chinese demand for imported copper, surged to $205 per ton on Wednesday, its highest level in more than a decade. The increase highlights intensifying competition for supplies both within and outside China, as earlier concerns over potential US import tariffs encouraged traders to divert shipments toward American warehouses, tightening availability in other markets.
Copper futures fell to around $6.60 per pound on Thursday, ending a four-session winning streak as traders took profits following recent gains. Sentiment was also dampened by disappointing earnings from Alphabet and Samsung, which revived concerns over the sustainability of artificial intelligence investments and weighed on risk appetite. Despite the pullback, copper remained near a two-week high amid tightening physical supplies in China, the world’s largest consumer of the metal, as reflected in rising import premiums.
The Yangshan copper premium, a key indicator of Chinese demand for imported copper, surged to $205 per ton on Wednesday, its highest level in more than a decade. The increase highlights intensifying competition for supplies both within and outside China, as earlier concerns over potential US import tariffs encouraged traders to divert shipments toward American warehouses, tightening availability in other markets.