Copper edges higher, heads for weekly gain as non-US stocks tighten
XLB•Other base metals mostly mixed
Aluminium CMAL3 fell 0.9% to $3,160 a ton, despite LME stocks MALSTX-TOTAL dropping to 272,775 tons — a nearly four-year low — and the premium of the cash LME contract over the three-month forward CMAL0-3 rising to $20 a ton, the biggest since June 8 and signalling near-term tightness.
Zinc CMZN3 inched up 0.2% to $3,591, lead CMPB3 added 0.3% to $1,900, nickel CMNI3 jumped 1.1% to $17,420 and tin CMSN3 climbed 0.2% to $53,450.
Inventory trends support a tighter market
In top metals consumer China, Shanghai Futures Exchange copper inventories CU-STX-SGH fell 12.9% from last week to 69,610 tons, the lowest level since February 2024.
Overall LME copper stocks MCUSTX-TOTAL of 276,775 tons are the lowest since March, but 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.
"We can only speculate as to the reasons for the rewarranting, but history would suggest that it's either some profit-taking related to the curve move or some sort of reduction on position limits," broker Marex said in a note.
U.S. Comex stocks rise ahead of tariff risk
In the U.S., Comex copper stocks HG-STX-COMEX rose to a record 639,147 metric tons ahead of a possible import tariff on the metal. Comex copper HGcv1 was heading for a weekly dip of 5.7%.
The Trump administration on Friday imposed new tariffs of 10% and 12.5% on goods from 60 trading partners over allegations of lax enforcement of forced labour bans, but the expected move had little impact on markets.
