Copper extended gains on Wednesday as traders bet on restocking demand after Chinese market participants returned after holidays.
The most-traded copper contract on the Shanghai Futures Exchange climbed 0.82% to 102,440 yuan ($14,907.52) a metric ton as of 0310 GMT.
The Shanghai contract touched 102,600 yuan earlier this session, the highest since February 12. The benchmark three-month copper on the London Metal Exchange advanced 0.76% to $13,267 a ton, after touching $13,286, also the highest since February 12.
Citi said on Tuesday that it’s leaning bullish on copper, expecting the red metal’s price to touch $14,000 a ton over the next three months, citing expectations of firmer demand in China and financial dip-buying.
While price direction remains uncertain, near-term risks appear tilted to the upside, with expected buying on dips from investors and post-LNY restocking in China likely to provide support, analysts at Citi said.
Yangshan copper premium, a gauge of China’s appetite for imported copper, backed up expectations of a pickup in demand in China with a 60% jump to $53 a ton on Tuesday.
At the same time, rising global inventories remained a focus for investors.
Copper stocks in warehouses registered with LME rose to 243,175 tons, according to data released on Tuesday, the highest since March 2025, having surged 71% so far this year.
Tin, meanwhile, led gains among base metals.
The most active Shanghai tin soared 6.27% to 410,940 yuan a ton, while the benchmark three-month tin jumped 4.22% to $52,425 a ton.
Tin was supported by supply side risks, as Indonesia, a key producer for the soldering metal, was planning to ban the export of several raw materials including tin, the country’s energy minister said earlier this month.
Among other SHFE base metals, aluminium nudged 0.15% higher, lead added 0.33%, nickel jumped 2.41%, and zinc posted the sole loss, dipping 0.14%.
Elsewhere on the LME, aluminium rose 1.02%, zinc climbed 0.78%, lead added 0.77%, and nickel grew 1.15%.
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