May 14 (Reuters) - Copper prices climbed to their highest since April 2022 on Tuesday amid inflow of funds into the base metals sector, although high prices have hurt Chinese consumers' appetite.
Three-month copper on the London Metal Exchange (LME) rose 0.3% to $10,210.50 per metric ton by 0636 GMT, having touched $10,255.50 earlier in the session.
The contract has gained 19% so far this year and is just over $600 away from its record high of $10,845 hit in 2022.
Funds betting on U.S. rate cuts, supply disruptions, and stronger demand for metals in the green energy sectors have been funneling money into base metals and broader commodities, while using the sector as a hedge against inflation.
However, trading in China's physical copper market is not that active due to high prices, and demand in the second quarter - the traditionally strong consumption season - is lower than expected, said analyst He Tianyu at CRU Group.
The demand weakness comes from the wire rod sector which accounts for 65% of China's total copper demand, as state grid companies feared the costs could transfer to higher electricity price and have knock-on effects on the economy, he said.
Other sectors such as air conditioning and home appliances saw higher copper prices transitioning smoothly into end-user product prices, he added.
The most-traded June copper contract on the Shanghai Futures Exchange (SHFE) advanced 1.7% to 82,070 yuan ($11,339.08) a ton.
LME aluminium edged up 0.3% at $2,550 a ton, tin climbed 1.1% to $33,265, while nickel fell 0.3% to $19,165, zinc declined 0.4% to $2,987 and lead eased 0.3% to $2,243.
SHFE aluminium rose 0.3% to 20,545 yuan a ton, zinc increased 1% to 23,660 yuan, lead advanced 1.1% to 18,295 yuan, tin jumped 3.5% to 271,010 yuan, while nickel fell 0.4% to 143,000 yuan.
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($1 = 7.2378 yuan) (Reporting by Mai Nguyen in Hanoi; Editing by Varun H K)
