Traders in China are holding record-high open interest in base metals and lithium, anticipating price rallies. Open interest in copper, zinc, nickel, tin, lead, and aluminum on the Shanghai Futures Exchange surged, with trading values increasing by over 260% from the previous year. Copper prices reached record highs, driven by supply disruptions and U.S. trade policies, with prices topping $13,000 per ton in early 2026.
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