April 7 (Reuters) - Copper rose on Tuesday with the
prospect of stronger demand in China, even as investors remained
cautious over the Middle East war as Washington's deadline for
Iran to open the Strait of Hormuz loomed.
The benchmark three-month copper on the London Metal
Exchange rose 0.52% to $12,424 a metric ton as of 0305 GMT.
The most-active copper contract on the Shanghai
Futures Exchange gained 0.57% to 96,780 yuan ($14,069.11) a ton.
Copper stocks monitored by SHFE have been
declining since March 20, the exchange's weekly stock report
showed.
They have declined more than 30% to 301,088 tons as of Friday
from March 13, a sign of stronger demand as prices dropped over
the growth and inflation fears instilled by the Iran war, and
ahead of China's peak demand season.
The Yangshan copper premium , a gauge of China's
appetite for imported materials, held at $65 a ton as of Friday.
It earlier hit $69, the highest since June 2025.
Meanwhile, U.S. President Donald Trump's Tuesday 8 p.m. EDT
(midnight GMT) deadline to the Iranian leadership to open the
Strait of Hormuz nears. Iran pushed back against Trump's threats
to rain "hell" on Tehran.
Brent futures sustained above $110 a barrel and the U.S.
dollar ticked upwards, putting pressure on the base metal
complex and capping copper's gains.
Aluminium turned lower, though Gulf supply concerns
persisted.
The London benchmark aluminium nudged 0.09% lower to
$3,466.50 a ton, and the Shanghai most-traded contract
declined 0.53% to 24,575 yuan a ton.
Emirates Global Aluminiumsaid on Friday that fully restoring
production at its Al Taweelah smelter in the UAE, which was hit
by an Iranian attack late last month, could take up to a year.
Elsewhere on the LME, zinc was unchanged, lead
ticked 0.05% higher, nickel dropped 0.24% and
tin nudged 0.03% lower.
Among other SHFE base metals, zinc dipped 0.13%,
lead dropped 0.24%, nickel lost 0.50% and tin
shed 0.18%.
Tuesday, April 7
DATA/EVENTS (GMT)
0750 France HCOB Serv, Comp PMIs March
0755 Germany HCOB Serv PMI March
0755 Germany HCOB Comp Final PMI March
0800 EU HCOB Serv, Comp Final PMIs March
0830 UK S&P Global PMI: Comp - output March
0830 UK Reserve Assets Total March
1230 US Durable Goods Feb
($1 = 6.8789 Chinese yuan renminbi)