This Wednesday, copper held close to its record highs after a record rise. Nickel stayed close to its multi-monthly summits due to expectations of a more restricted from the main producer, Indonesia.

The most traded copper contract in Shanghai Futures Exchange gained 0.45% to 103,760 yuan (14,854.69). dollars) per metric ton at 03:15 GMT, hovering below a record of 105 500 yuan.

The three-month copper reference price on London Metal Exchange fell by 0.49% to $13,173.50 per ton, after reaching an all-time high of $13,387.50 on Tuesday.

Citi analysts raised their target on Tuesday of short-term copper prices at $14,000 per ton, citing a strong market momentum that exceeded both their base forecasts and their optimistic forecasts for December.

But the bank maintained its average forecasts for 2026 at $13,000.

Copper price could reach annual peak in January 2026, and without new market catalysts to support their optimistic scenario at $15,000, prices are expected to fall towards a more sustainable level of around $13,000, said analysts at Citi.

Nickel held close to its highest level in 19 months, as the Indonesian government reduced the mining quota by this metal for 2026 in order to drive up prices.

Shanghai nickel jumped 7.3% for reach 146,770 yuan per ton, after growing by 8% for reaching its highest level since June 2024 at 147,720 yuan.

London nickel fell by 0.29% to 18,470 yuan per ton, after reaching its highest level since June 2024 on Tuesday to 18,785 yuan.

Elsewhere, among the SHFE base metals, aluminum increased by 1.47%, zinc by 0.62% and lead by 1.46%.

Among the other metals of based on LME, aluminum remained almost unchanged, zinc fell by 0.23 % and lead by 0.19%