By Eddie Spence and James Attwood | Updated on Oct 09, 2026 at 08:02 PM
Copper ended the week on a firm footing as improving Chinese demand signals and a rebound in global equities helped prices recover from Thursday’s risk-off retreat.
The metal rose 1.6% Friday to settle at $14,540 a ton on the London Metal Exchange, making for a weekly gain of 2%. Chinese inventories remain low following a recent weeklong national holiday, while a gauge of import demand reached a four-year high in a sign of potential restocking by buyers in the world’s biggest consumer.
Copper also continues to draw support from supply concerns. Huge flows of metal into the US ahead of potential tariffs have tightened availability elsewhere, while traders are monitoring a strike at Antofagasta Plc’s Centinela mine in Chile where some workers have declared a hunger strike.
Read More: Antofagasta Miners Escalate Copper Strike With Hunger Protest
“We remain constructive for copper, supported by supply risks, seasonal Chinese demand and continued tariff uncertainty,” StoneX analysts including Natalie Scott-Gray wrote in a note. They cautioned that sticky inflation and hawkish central banks remain downside risks.
Unions at Antofagasta’s Centinela say the stoppage — now in its third day — could begin materially reducing production within weeks, although the company has maintained its output forecast.
Broader risk sentiment improved Friday, with the S&P 500 up about 0.6% as investors looked ahead to the US earnings season. Still-elevated oil prices and Treasury yields remained a headwind. Brent traded around $104 a barrel amid continued tensions in the Middle East, while the 10-year Treasury yield climbed to about 5.24%.
Other metals were mixed-to-higher. Aluminum slipped 0.1% to $3,048.50 a ton, while nickel gained 0.4% to $15,622. Precious metals strengthened, with spot gold up 1.7% and silver gaining 3.1%.