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- LME Aluminum 3M Select trades $14.75 higher to $3264.50 at 9:02:33 AM
- LME Copper 3M Select trades $3.75 higher to $14625.50 at 9:02:33 AM
- (Bloomberg) – Copper headed for its second weekly gain as traders eyed prospects for increased physical demand from China after a holiday. Contracts edged slightly higher on Friday on the London Metal Exchange in thin trading, with China on break for the Mid-Autumn Festival. Premiums for spot copper over front-month Shanghai futures surged to the highest since 2021 this week, indicating tight supply of metal onshore. Inventory dropped to its 20-month low, data showed on Friday. Citing the cyclical low inventory and scrap invoicing issues, BMO analysts think Chinese copper fabricators don’t have the luxury of holding purchases for too long, according to a note on Friday. “Our stance continues to be that copper price dips are shallow and short-lived,” BMO analysts said. Copper powered to a record this month, driven by a continued surge in imports to the US triggered by the prospect of tariffs on refined metal. While those trade measures are yet to materialize, that’s reduced inventories elsewhere, threatening a supply squeeze. Also in focus are talks between Iran and the US over a phased deal to reopen the Strait of Hormuz, which could decrease oil prices. Lower energy costs typically boost overall demand in the global economy, providing a tailwind for other commodities like metals.
- CME HRC Steel last traded at $1237 and $0 lower at 9/24/2026
Price Indications
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