Copper prices rose on Tuesday as low supplies amid falling inventories in exchange warehouses offset concerns over tepid demand and a lack of fresh stimulus in top consumer China.
Three-month copper on the London Metal Exchange advanced 0.6% $8,441.50 per metric ton by 0309 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange edged up 0.1% at 68,540 yuan ($9,495.57) per metric ton.
The premium of LME cash copper over the three-month contract rose to $31 a tonne, a high level unseen since November last year, indicating tightening nearby supplies.
On-warrant copper inventories fell to 25,725 tons, the lowest level since October 2021. Inventories of the metal in SHFE and Chinese bonded warehouses have also been declining.
LME aluminium rose 1.1% to $2,172 per metric ton, nickel increased 1.9% to $20,695, zinc advanced 1.6% to $2,365.50, lead was up 0.9% at $2,087.50 and tin climbed 1.1% to $25,915.
Copper escapes widespread declines across base metals
SHFE aluminium increased 0.6% to 18,300 yuan per metric ton, zinc advanced 0.7% to 20,180 yuan, while nickel fell 1.7% to 161,630 yuan, lead declined 0.8% to 15,490 yuan and tin shed 1% to 212,300 yuan.
Lead inventories in LME warehouses were last at 39,775 tons, up 97% since end-January.