METALS-Copper extends gains on restocking bets after China holiday

Feb 25 (Reuters) - Copper extended gains on Wednesday as traders bet on restocking demand after Chinese market participants returned after holidays.

The most-traded copper contract SCFcv1 on the Shanghai Futures Exchange climbed 0.82% to 102,440 yuan ($14,907.52) a metric ton as of 0310 GMT.

The Shanghai contract touched 102,600 yuan earlier this session, the highest since February 12.

The benchmark three-month copper CMCU3 on the London Metal Exchange advanced 0.76% to $13,267 a ton, after touching $13,286, also the highest since February 12.

Citi said on Tuesday that it's leaning bullish on copper, expecting the red metal's price to touch $14,000 a ton over the next three months, citing expectations of firmer demand in China and financial dip-buying.

While price direction remains uncertain, near-term risks appear tilted to the upside, with expected buying on dips from investors and post-LNY restocking in China likely to provide support, analysts at Citi said.

Yangshan copper premium SMM-CUYP-CN, a gauge of China's appetite for imported copper, backed up expectations of a pickup in demand in China with a 60% jump to $53 a ton on Tuesday.

At the same time, rising global inventories remained a focus for investors. Copper stocks in warehouses registered with LME MCUSTX-TOTAL rose to 243,175 tons, according to data released on Tuesday, the highest since March 2025, having surged 71% so far this year.

Tin, meanwhile, led gains among base metals. The most active Shanghai tin SSNcv1 soared 6.27% to 410,940 yuan a ton, while the benchmark three-month tin CMSN3 jumped 4.22% to $52,425 a ton.

Tin was supported by supply side risks, as Indonesia, a key producer for the soldering metal, was planning to ban the export of several raw materials including tin, the country's energy minister said earlier this month.

Among other SHFE base metals, aluminium SAFcv1 nudged 0.15% higher, lead SPBcv1 added 0.33%, nickel SNIcv1 jumped 2.41%, and zinc SZNcv1 posted the sole loss, dipping 0.14%.

Elsewhere on the LME, aluminium CMAL3 rose 1.02%, zinc CMZN3 climbed 0.78%, lead CMPB3 added 0.77%, and nickel CMNI3 grew 1.15%.

Wednesday, Feb 25

DATA/EVENTS (GMT)

0500 Japan Chain Store Sales YY Jan

0700 Germany GDP Detailed QQ SA Q4

0700 Germany GDP Detailed YY NSA Q4

1000 EU HCIP Final MM, YY Jan

($1 = 6.8717 Chinese yuan renminbi)