Copper rises as Chinese demand expectations add to speculative momentum

Copper rose for a fifth straight session on Monday, Business Recorder reported, with the benchmark three-month LME contract up 0.9% at $14,654 a ton. The metal touched $14,710.5 intraday, its best since September 10, when it peaked at $14,875. Hopes of inventory rebuilding in China before its holidays on September 25 and from October 1 to 7 have supported prices.

Ole Hansen of Saxo Bank said renewed speculative demand lifted prices after funds reduced their bullish bets on Comex copper contracts in the week to September 15. Washington has not yet ruled on tariffs for refined copper, keeping speculators engaged. US futures carried a wider premium over LME prices, but not enough to draw fresh metal into Comex warehouses, which hold 69% of 1-million-ton exchange-monitored inventories.