London copper eases on rising LME stocks, demand worries

London copper fell 0.56% to $14,242.5 a metric ton by 0300 GMT on Monday, as larger LME warehouse inventories reduced concerns about tight supply. Business Recorder reported that stocks climbed to their highest level since July after substantial deliveries, mainly to North American warehouses.

The move comes after expectations of a possible US tariff on refined copper imports drew metal into the country and helped push LME prices to a record $14,875 a ton on September 11. Market concerns and uncertainty over further US stock shifts are weighing on sentiment, while elevated oil prices are adding to concerns about copper demand.

Some indicators offered support: China’s Yangshan import premium reached $168 a ton on Friday, its highest since 2014, while SHFE-monitored inventories fell by more than a quarter to 54,356 tons. On Monday, Shanghai copper rose 0.55% to 108,720 yuan a ton, tracking earlier LME gains.