Copper climbs on China factory data, heads for third-straight monthly gain

Business Recorder reported that copper ticked higher on Wednesday and was heading for a third straight monthly gain, as China's factories moved back into expansion. Trading stayed muted before China's week-long national holiday, as the country is the world's largest metals consumer. On the London Metal Exchange, the three-month contract gained 0.2 per cent to $14,465 a metric ton by 0930 GMT.

The metal's record high of $14,875 came on September 10, and prices are up about 8.2 per cent this quarter. China's official manufacturing PMI rose to 50.1 in September from 49.8 in August, while a separate private survey by RatingDog reached 52.1, its highest in five months, up from 51.5.

Shanghai Futures Exchange warehouse stocks dropped 17.8 per cent in a week to 38,744 tons, the lowest level since January 2024, as pre-holiday demand kept draining supply. The exchange shuts from Thursday for the National Day break and reopens on October 8. Ewa Manthey of ING said copper is being supported by a view that the market will stay relatively tight in coming quarters, though global growth and trade policy uncertainty remain a consideration. Aluminium edged up 0.1 per cent to $3,217 a ton, while zinc, lead and tin slipped and nickel gained 0.5 per cent.