Copper futures held above $6.55 per pound on Friday after rising for three consecutive sessions, supported by evidence of stronger demand from China. The Yangshan premium, a key gauge of Chinese copper appetite, climbed to $121 per ton on Thursday, its highest level since November 2022.
Sentiment was further underpinned by expectations of robust long-term consumption from data centers and renewable energy projects, as well as supply disruptions at several major mines. Earlier in the week, however, copper prices had slipped to multi-week lows after reports that the Trump administration had delayed a decision on potential tariffs on refined copper.
On the supply side, warehouses tracked by the London Metal Exchange reported new deliveries, with inflows reaching their highest level in nearly four weeks. The resulting increase in inventories pushed London copper into contango, signaling ample near-term availability.
