METALS-Copper hits highest in more than a week as China returns from holiday

By Eric Onstad

LONDON, Feb 24 (Reuters) - Copper prices rose to the highest in more than a week on Tuesday, propelled by positive sentiment in top metals consumer China, where markets reopened following a holiday.

Benchmark three-month copper CMCU3 on the London Metal Exchange gained 1.6% to $13,080 a metric ton by 1000 GMT after touching its highest since February 12 at $13,169.

LME copper, which slipped by 0.7% on Monday, has gained 21% over the past three months, but is well below a record high of $14,527.50 hit on January 29.

"Base metals are higher this morning on higher volumes as the Chinese holiday comes to an end," Neil Welsh at broker Britannia Global Markets said in a note.

Some investors believe the ruling by the U.S. Supreme Court last week that struck down President Donald Trump's emergency tariffs will benefit China, highlighted by a rally in Chinese stock markets. .SS

The most-active copper contract SCFcv1 on the Shanghai Futures Exchange climbed 0.8% to close daytime trading at 101,510 yuan ($14,728.88) a ton on the first day of the reopening of the exchange after China's nine-day Lunar New Year break.

"Copper is showing resilience despite high stock levels as investors remained confident, but it would require fresh catalyst for copper to break through in each direction," a trader based in Shanghai said, declining to be named as the person is not authorised to speak to the media.

Copper inventories in LME-registered warehouses MCUSTX-TOTAL added another 1,350 tons to 243,175, data showed on Tuesday, the highest since March 2025, having surged by 71% so far this year.

LME nickel CMNI3 climbed 2.8% as Indonesian officials considered revoking the environmental permit of PT QMB New Energy Materials, a nickel and cobalt joint venture led by China's GEM.

Among other metals, LME aluminium CMAL3 rose 0.6% to $3,107 a ton, zinc CMZN3 gained 0.7% to $3,378.50, lead CMPB3 added 0.3% to $1,956.50 and tin CMSN3 advanced 2.3% to $48,799.

($1 = 6.8919 Chinese yuan renminbi)