Copper futures on the London Metal Exchange rose as much as 1.2% on Thursday, October 8, 2026, as Chinese traders returned from a week-long holiday in a buying mood. The rally extended across other major metal contracts on the LME, with zinc climbing 1.3% and aluminum adding 0.7%. Iron ore futures in Singapore also participated in the broader commodity upswing, rising 0.5% to $91.95 a ton.
Copper gained 1% to trade at $14,617.50 a ton on the LME by 10:22 a.m. Singapore time, according to the source. The red metal's strength reflects the resumption of trading activity in Asian markets following the extended holiday that had temporarily suppressed regional activity.
Support for copper prices also stems from supply-side concerns. Two unions at Antofagasta Plc's Centinela project in Chile began industrial action on Wednesday, with the walkout expected to impact production within approximately two weeks. While the mine has maintained feed to processing plants, significant disruptions to mine movement and development operations have occurred, though Antofagasta maintained that projected output remains unchanged.
Looking ahead, traders are monitoring the US Federal Reserve's interest rate trajectory, with market pricing indicating a 20% probability of further tightening in October and an 80% probability in December. Higher borrowing costs typically dampen investor demand for commodities that bear no interest. Despite the current upward momentum, copper remains in a consolidation phase following its rise to record levels last month.
That previous surge was driven by concerns that US tariffs on refined copper would trigger a rush of supplies to America and create supply constraints elsewhere. The outlook for copper prices now hinges critically on demand from China, the world's largest consumer, where recent economic data has signaled industrial weakness. Source: ScrapMonster (scrapmonster.com), October 8, 2026.
Source: scrapmonster.com