Copper touches one-month high on Chinese shortages, eroding inventories
CPER•Other industrial metals also gain
Industrial metals also gained support from higher risk appetite among investors amid a rebound in global stocks.
LME aluminium gained 0.7% to $3,161 a ton as the market digested lower global primary output in June and an adjustment to tariffs on imports of the metal into the United States.
LME zinc rose 0.6% to $3,540 a ton, lead edged up 0.1% to $1,881, nickel was up 0.8% at $17,060 and tin climbed 1.9% to $53,900.
Copper rises on tighter Chinese market
Copper prices hit their highest in more than a month on Tuesday, lifted by firm demand in top consumer China and sharp declines in inventories.
Benchmark three-month copper on the London Metal Exchange gained 1.5% to $13,826.50 a metric ton by 1405 GMT, its strongest level since June 15.
"Copper is being pulled higher by a tightening Chinese market. Stocks are falling, import premiums are surging and physical demand has remained stronger than expected despite the seasonal slowdown," said ING commodities strategist Ewa Manthey.
The most-traded copper contract on the Shanghai Futures Exchange gained 1.6% to a ton.
