Copper Prices Climb on Shrinking Supplies and Warehouse Inventories
Copper prices have continued their upward trend, rising to $14,314.50 per metric tonne on the London Metal Exchange (LME) as benchmark three-month copper edged higher by 0.22 percent.
This marks an eighth consecutive weekly gain for copper, with its weekly advance now sitting at 0.7 percent.
The recent surge in cancelled warehouse warrants on the LME has raised concerns about shrinking readily available supplies, according to Craig Lang, principal analyst at information provider CRU.
LME warrant cancellations indicate that metal has been earmarked for withdrawal from exchange warehouses, potentially reducing the volume immediately available to the market.
Exchange data showed that copper stocks in LME-registered warehouses fell to 107,050 tonnes on Thursday from 166,775 tonnes a week earlier, reversing much of the increase caused by large inflows into warehouses the previous week.