LONDON (Feb 24): Copper prices rose to their highest level in more than a week on Tuesday, propelled by positive sentiment and firmer demand in top metals consumer China, where markets reopened after a holiday. Benchmark three-month copper CMCU3 on the London Metal Exchange gained 1.8% to US$13,100 a metric ton in official open-outcry trading after touching its highest since February 12 at US$13,196. Munro noted there were signs that physical demand in China is also picking up, with the Yangshan copper premium, which reflects demand for copper imported into China, jumping 60% on Tuesday to US$53 a ton. Copper inventories in LME-registered warehouses rose another 1,350 tons to 243,175, data showed on Tuesday, the highest since March 2025, having surged by 71% so far this year. "What's going to be crucial is for us to start to see those stocks start to dissipate, maybe not this week or next week, but in the next three, four weeks," Munro said.
