London copper climbs as tight supply, falling oil offer support

London copper rose 0.55% to $14,233 a metric ton by 0326 GMT on Monday, recovering part of the prior week’s decline, Business Recorder reported. The move came amid concerns about constrained supply and lower oil prices, as officials held a third consecutive day of discussions on ending the US-Israeli war on Iran. In Shanghai, the most-traded copper contract slipped 0.35% to 108,630 yuan ($16,338.78) a ton.

Stocks moving into US warehouses ahead of a possible tariff on refined copper imports have added to regional supply constraints. Chile’s Cochilco lowered its 2026 production outlook, while China’s Yangshan premium reached $200 a ton, near a more-than-decade high, and SHFE-tracked inventories fell by over 75% in six months. ING analysts said physical-market tightness was still apparent; lower oil prices could also ease pressure on economic activity and industrial-metal demand. Other LME metals were mixed, with nickel and tin rising while aluminium and zinc declined.