Copper prices rose for a fourth straight session on Friday, climbing back towards record highs as robust demand in top consumer China continued to underpin the market.
Three-month copper on the London Metal Exchange gained 0.2% to $14,521 a metric ton by 1009 GMT, after touching $14,572.5, its highest level since September 10, when it hit a record peak of $14,875. The metal was up 2% for the week.
High-frequency data indicate that Chinese demand for copper, aluminium and flat steel was 1-2% higher year-on-year in the first half of September. End-user response to a higher copper price appeared more modest than in the past, Goldman Sachs said in a research note.
Domestic copper scrap supply in China remained tight, contributing to further delays in the return of copper smelting capacity from maintenance, the bank added.
The Yangshan copper premium , a gauge of Chinese demand for imported copper, has climbed 72% so far in September to $124 a ton, its highest level in nearly four years.
Dollar-priced metals also became more attractive for Chinese buyers as the yuan ended Friday at its strongest level against the US currency since mid-2022. Traders await next week's meeting between US President Donald Trump and Chinese leader Xi Jinping.
Available copper stocks in LME-registered warehouses fell to 139,650 tons, daily data showed, after 4,500 tons of fresh cancellations in Asia, mainly in Taiwan and Hong Kong. <0#MCUSTX-LOC>
Meanwhile, copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 2.4% this week to 56,073 tons after a three-week decline.
COMEX copper stocks remained broadly steady this week at 696,631 tons as the premium of US copper futures over LME prices narrowed to levels insufficient to encourage physical shipments with the White House yet to decide on refined copper tariffs.
LME aluminium fell 0.1% to $3,297, zinc rose 1.3% to $3,932, lead was steady at $1,910, tin climbed 0.6% to $53,505 and nickel lost 0.4% to $16,230.
