LONDON: Copper prices climbed back towards $10,000 per tonne on Tuesday, supported by prospects for higher demand while inventories dwindle.
Benchmark three-month copper on the London Metal Exchange (LME) had risen 1.1% to $9,941 per tonne by 1650 GMT. On Thursday, prices hit $10,008 a tonne, the highest since February 2011.
“It’s a tremendously positive story for copper at the moment and in the long term,” said WisdomTree analyst Nitesh Shah, adding the metal would likely pierce through the $10,000 mark again.
Copper stocks in LME-approved warehouses fell 6,325 tonnes to a five-week low of 137,000 tonnes, having dropped 20% from the middle of April.
In warehouses monitored by the Shanghai Futures Exchange, weekly data on Friday showed stocks fell 1.3% from the previous week.
LME aluminium rose 1.3% to $2,427 after touching a fresh three-year high, while zinc gained 0.9% to $2,952, after hitting its highest since June 2018.
Lead added 1.6% to $2,186 a tonne, tin advanced 1.4% to $29,100, while nickel eased 0.2% to $17,635.