Benchmark copper prices on the London Metal Exchange (LME) climbed to their highest level in more than a week on Monday, driven by a combination of shrinking inventories and a shift in market sentiment regarding global demand.
The metal rose 0.6% to trade at $13,876 a metric ton.
29% to $13,661 a metric ton, supported by persistent concerns over supply-side tightness and strong purchasing activity from China.
The move marks a reversal from the cautious positioning seen earlier in the week, when traders held back ahead of the release of US consumer price index data.
The recent pullback in oil prices appears to have alleviated some of the anxiety surrounding economic growth, allowing buyers to return to the market.
This development follows a session on Tuesday where three-month copper contracts had edged up 0.29% to $13,661 a metric ton, supported by persistent concerns over supply-side tightness and strong purchasing activity from China.
The current rally suggests that the market is increasingly focused on physical supply constraints rather than macroeconomic headwinds.