The metal, which is used in everything from household wiring to electric vehicles, is gaining on optimism that the worst of the global economy’s coronavirus disruptions are over. The more bullish mood on demand coincides with falling global inventories that could leave the market short of supply heading into 2021.
Copper rose as much as 1.5% to a seven-year high of $7 511 a ton, and was trading at $7 480 a ton by 12:31 p.m. London time. All other metals on the London Metal Exchange were higher.
China’s rapid economic rebound has driven its imports to record levels this year, helping to offset lower demand in the rest of the world. The country’s latest factory gauge, due Monday, is expected to show activity in the top copper consumer continuing a steady expansion.
On Friday, data from the Shanghai Futures Exchange showed copper stockpiles in its warehouses falling to the lowest since late 2014.