Copper prices held close to the all-time highs hit in the previous session as robust economic growth in the US boosted demand prospects for the metal, with ongoing supply constraints further bolstering prices.
The most active copper contract on Shanghai Futures Exchange was up 1.5% at 95,100 yuan ($13,532.0) per metric ton as of 0302 GMT, after touching a record high of 95,550 yuan earlier in the session.
The benchmark three-month copper on the London Futures Exchange rose 0.1% to $12,076.5 a ton.
It hit a record high of $12,159.50 on Tuesday and is set for a 38% annual rise on US dollar weakness, bets of further Fed rate cuts, growing demand for AI and the renewable energy transition, and mine supply disruptions that have fueled speculative investment in the metal.
The US economy grew at its fastest pace in two years in the third quarter, boosted by robust consumer spending and a sharp rebound in exports.
Elsewhere on the supply side, China’s top copper smelters will cut production by over 10% in 2026 to counter overcapacity that has led to increasingly distorted copper concentrate processing fees, according to a Chinese market information provider last month.
Further supporting the metals complex, the dollar was headed for its worst annual performance in more than two decades on Wednesday as investors wagered the Fed would have room to cut rates further next year even as some of its peers looked set to hike.
Among other SHFE base metals, nickel extended gains for a sixth straight session, rising 4% to 126,680 yuan a ton and climbing to a near nine-month high.
The London benchmark nickel also gained, up 1% to $15,970 a ton, a seven-month high.
In Shanghai, aluminium added 0.5%, zinc gained 0.80%, lead was up 1.30%, while tin lost 1.2%.
Among other LME metals, aluminium nudged 0.3% higher, zinc was up 0.8%, lead added 0.6%, while tin dipped 0.2%.
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