Copper Prices Edge Up on Tightening Global Stocks

Copper prices ticked higher on Friday, putting the metal on course for a small weekly gain despite macro concerns. Benchmark three-month copper on the London Metal Exchange was up 0.2% at $13,626.50 a metric ton as of 0925 GMT after two sessions of decline.

The metal's gain was largely due to stocks outside the United States tightening, which offset the negative impact of the escalating Middle East conflict and its effects on oil prices, which rose above $100 a barrel.

In top metals consumer China, Shanghai Futures Exchange copper inventories fell by 12.9% from last week to 69,610 tons, the lowest since February 2024.

Available inventory rose by 5.2% to 113,450 tons after 3,250 tons of reverse cancellations, where metal earmarked to exit the system is put back on warrant, in South Korea and Taiwan. The re-warranting had cautioned buyers after an earlier series of withdrawal requests, said Sandeep Daga, head of research at Metal Intelligence Centre.