Copper prices rose, supported by a significant decline in stocks at the London Metal Exchange (LME) and the Shanghai Futures Exchange, according to market data.
Three-month copper on the London Metal Exchange rose to $13,947 per ton.
Copper futures on the Shanghai Futures Exchange also advanced, rising 0.91% to 106,700 yuan per ton.
Inventory Drawdown
According to exchange data, LME copper stocks fell to 244,025 tons from about 400,000 tons in April. Shanghai copper stocks declined to 69,300 tons from above 430,000 tons in March. In contrast, COMEX copper stocks rose to 717,314 short tons as of August 3.
The rapid decline in stocks strengthened expectations that supply could tighten.
Other Metals
Nickel prices rose 1.7% on the LME and 1.55% on the Shanghai Futures Exchange. Aluminum prices increased 0.76% on the LME and 1% on the Shanghai Futures Exchange. Lead prices gained 0.78% in London and 0.23% in Shanghai. Tin prices rose 0.62% in London and 0.81% in Shanghai. Zinc prices advanced 0.33% on the LME but fell 0.58% on the Shanghai Futures Exchange.
Copper advanced to its highest in two months, approaching $14,000 a ton in London. Traders monitored ballooning volumes of copper in the US ahead of a decision on import tariffs by President Donald Trump.
