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Copper gains on Chinese demand, tight stocks
Copper ticked up on Tuesday, supported by fears of supply-side tightness and strong Chinese buying, despite macroeconomic demand worries from the escalation in the US- Iran war. The benchmark three-month copper on the London Metal Exchange increased 0.29% to $13,661 a metric ton by 0300 GMT. The most-traded copper contract on the Shanghai Futures Exchange gained 1.05% at 104,850 yuan ($15,490.65) a ton. “Tight inventories, strong import demand and falling exchange stocks suggest copper fundamentals remain supportive in the near term,” analysts from ING said in a note. The Yangshan copper premium, a gauge of ... (full story)
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