Metals-Copper edges up on supply pressures, higher prices curb buying

Meanwhile, geopolitical developments continued to weigh on risk sentiment and the demand outlook. Oil prices climbed to a six-week high after Yemen's Iran-aligned Houthis said they attacked two oil tankers as part of a blockade on Saudi Arabia.

Rising energy prices have renewed inflation concerns and weighed on industrial commodities by increasing the likelihood of interest rate hikes, which typically dampen economic growth.

Among other LME metals, aluminium CMAL3 added 0.28%, zinc CMZN3 gained 0.63%, lead CMPB3 rose 0.5%, nickel CMNI3 gained 0.62% and tin CMSN3 added 0.16%.

Elsewhere on the SHFE, aluminium SAFcv1 gained 0.71%, zinc SZNcv1 rose 1.57%, lead SPBcv1 advanced 1.08%, nickel SNIcv1 jumped 1.59% and tin SSNcv1 added 0.32%.

Copper edged up on Thursday, supported by ongoing supply concerns and falling inventories, even as higher prices restrained downstream buying and capped further gains.

Benchmark three-month copper CMCU3 on the London Metal Exchange was up 0.08% at $13,819 a metric ton by 0700 GMT.

The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 was down 0.21% at 105,890 yuan ($15,642.91) a ton.

The moves come after supply fears alongside good demand pushed prices on both exchanges to multi-week highs on Tuesday and Wednesday.

Analysts at Chinese broker Galaxy Futures said that a combination of rising copper prices and high premiums has curbed downstream buying.

Available copper inventories in LME-registered MCUSTX-TOTAL and Shanghai-monitored warehouses CU-STX-SGH have fallen rapidly in recent months, pressuring physical supply.