Copper slipped on Thursday after touching a fresh 12-week high, as elevated prices dampened physical demand in top consumer China and investors took profits after a three-session rally, offsetting support from tightening supply outside the United States.
Benchmark three-month copper on the LME fell 0.35% to $14,060.50 a metric ton as of 0700 GMT, after touching $14,178 earlier, the highest since May 13.
The most-active copper contract on SHFE was up 0.15% to close at 107,330 yuan ($15,903.33) a ton, after briefly reaching 108,030 yuan, the highest since May 14.
The Yangshan copper premium , a gauge of Chinese appetite for imported copper, has fallen since July 22, reaching $106 a ton on Wednesday, indicating growing buyer resistance as prices rose.
The pullback also reflected profit-taking after LME copper climbed above $14,000, traders said.
Supply remained tight outside the United States. The premium for LME cash copper over the three-month contract widened to $113 a ton on Thursday, signalling strong demand for immediately available metal.
Uncertainty over possible U.S. import tariffs has kept COMEX copper above the London benchmark and drawn metal into U.S. warehouses. COMEX inventories rose to 720,140 short tons, or 653,300 tons, on Wednesday, while LME and SHFE stocks have declined.
StoneX estimated at least 1.2 million tons of copper have entered the United States since the Section 232 investigation was ordered in February 2025, leaving about 64% of globally visible inventories in the country.
Nickel sank after SMM, a Chinese market information hub, reported Weda Bay Nickel had received an additional second-half nickel ore production quota of about 25 million tons. Eramet, one of the owners of WBN, said the mine suspended production in late May after exhausting its initial 2026 RKAB of 12 million tons, and it had sought a higher allocation from Indonesian authorities.
LME nickel fell 3.06% to $16,590 a ton, while SHFE nickel closed the day 2.69% down at 127,460 yuan.
Among other metals, LME aluminium fell 0.14%, zinc eased 0.11%, lead lost 0.19% and tin declined 1.19%.
On SHFE, aluminium rose 0.19%, zinc gained 1.37%, lead added 0.06% and tin edged up 0.03%.
