Copper prices rose on Monday as inventories in Shanghai exchange warehouses dwindled to their lowest levels since 2009, supporting buyer sentiment and fuelling concerns over global supply shortage.
Three-month copper on the London Metal Exchange was up 1.9% at $9,888 a tonne, as of 0330 GMT, while the most-traded December copper contract on the Shanghai Futures Exchange edged up 0.1% to 72,250 yuan ($461,248.72) a tonne.
ShFE copper stockpiles fell to 39,839 tonnes, the lowest since June 2009, while LME inventories of the metal were last at 161,550 tonnes, a level unseen since June 22.
Money managers boosted their net long positions in COMEX copper contracts to 54,030 contracts, the highest since May 11.
FUNDAMENTALS
LME cash nickel was at a premium of $118 a tonne over the three-month contract, its highest since October 2019, indicating tightening nearby supplies as on-warrant stocks dropped to 75,954 tonnes, the lowest since December 2019.
The premium of LME cash zinc over the three-month contract was $51 a tonne, also suggesting shortage of readily available stocks, as on-warrant zinc inventories fell to 143,575 tonnes, the lowest since July 2020.
LME aluminium rose 2.1% to $2,929.50 a tonne, nickel advanced 1.4% to $20,015 a tonne, zinc climbed 1% to $3,483 a tonne, while zinc fell 0.4% to $2,412.50 a tonne.
ShFE aluminium fell 1.3% to 21,725 yuan a tonne, nickel fell 0.9% to 150,120 yuan a tonne and tin rose 0.8% to 285,280 yuan a tonne.
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