METALS-Copper edges up, heads for weekly gain as non-US stocks tighten
XLB•Other London Metal Exchange prices
Elsewhere, aluminium CMAL3 fell 0.7% to $3,165.50 a ton, zinc CMZN3 was flat at $3,586, lead CMPB3 nudged up 0.1% to $1,895, nickel CMNI3 gained 1.1% to $17,425 and tin CMSN3 added 0.4% to $53,510.
U.S. stockpiles rise ahead of possible tariff
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.
"They've got all the copper in the world, but anyone who's buying that out of the warehouses on a spot basis is paying a lot of money for it," said SP Angel analyst John Meyer.
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.
China inventories fall while LME stocks remain low
In top metals consumer China, Shanghai Futures Exchange copper inventories CU-STX-SGH fell by 12.9% from last week to 69,610 tons, the lowest 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.
There were 700 tons of cancellations a day earlier. The re-warranting had cautioned buyers after an earlier series of withdrawal requests, said Sandeep Daga, head of research at Metal Intelligence Centre.
Copper edges higher as stocks outside the U.S. tighten
LONDON, July 24 (Reuters) - Copper ticked higher on Friday, on course for a small weekly gain as stocks outside the United States tightened, offsetting macro concerns.
