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On Monday (Oct.
3), London held steady at a near eight-week high in early trading, posting its biggest monthly gain in more than a year and a half in September, as improved economic data from China brightened its demand outlook
.
It is reported that on the last trading day of September, London copper recorded its largest monthly increase in a year and a half, as optimism about demand growth supported copper to make up for the rally of other base metals
.
Copper came under pressure earlier this year, weighed
down by rising inventories and concerns about adequate supply.
In addition, LME copper stocks fell by 6,950 tonnes on September 30, the biggest one-day decline since late July
, the data showed.
That helped inventories fall
from their highest levels in nearly three years.
Analysts said copper prices were catching gains in other base metals
.
Copper has underperformed for most of the year, and despite stronger medium-term fundamentals compared to other base metals, copper prices have indeed underperformed
.
Three-month copper on the London Metal Exchange rose 0.
21% to $4,875 a tonne during the day, not far
from the high of $4,889 since Aug.
3.
The Chinese market was closed this week due to the National Day holiday, which could lead to light trading in Asia
.
