Copper edges up as tech rebound, lower oil lift risk appetite

Copper prices moved higher on Tuesday as softer oil and a rebound in technology shares improved investor appetite for risk, Business Recorder reported. By 0300 GMT, the London Metal Exchange’s three-month contract had risen 0.31% to $13,939 a metric ton, while Shanghai’s most-traded contract gained 0.14% to 107,700 yuan a ton.

Tight Chinese supply added support: October imports of copper concentrate fell 11% year on year, and stocks in Shanghai Futures Exchange-monitored warehouses stood at 33,848 tons on Friday. The Yangshan premium reached a record $230 a ton on Monday, while the LME cash-to-three-month spread was in $175.39 backwardation. The report also linked lower oil prices to hopes for easing Middle East tensions, while noting gains across most other LME metals.