Copper rose for a third consecutive day, tracking gains in Asian equities following a tech-led rally on Wall Street. The metal climbed as much as 0.4% on the London Metal Exchange, extending an advance from Monday that was the biggest in over two weeks. Copper is benefiting from the artificial-intelligence investment boom driving technology stocks to record highs, with demand from data centers and power infrastructure expected to rise in the coming years.
The metal is also consolidating after hitting a record high last month, when the threat of US tariffs triggered a rush of shipments into the country and fueled concerns about tighter supplies elsewhere. The metal, along with other risk assets, has shrugged off the impact of global bond yields near multi-decade highs. Chinese markets are closed for the Golden Week holiday, reducing trading volumes in Asian hours.
Copper rose 0.1% to $14,438 a ton on the LME by 10:42 a.m. in Singapore. Most other metals were little changed, though nickel fell 0.6%. Singapore iron ore futures fell 0.5% to $91.30 a ton.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing