Among other LME metals, aluminium CMAL3 fell 0.45%, zinc CMZN3 dropped 1.02%, lead CMPB3 lost 0.21% and nickel CMNI3 edged down 0.07%, while tin CMSN3 rose 0.91%.
On the SHFE, aluminium SAFcv1 fell 0.29% and zinc SZNcv1 slipped 0.04%, while lead SPBcv1 rose 0.06%, nickel SNIcv1 gained 0.70% and tin SSNcv1 jumped 1.87%.
($1 = 6.7061 Chinese yuan renminbi)
Broader metals weaken as inflation concerns rise
Most other LME base metals traded lower due to higher oil prices as the widening conflict in the Middle East added to inflation concerns and pushed global bond yields higher. Tighter financial conditions could weigh on economic growth and demand for industrial metals.
Large number of stocks remain concentrated in the U.S. after months of inflows ahead of potential tariffs, with readily available metal in other markets remaining tight. COMEX copper inventories HG-STX-COMEX edged up to 767,495 short tons, or 696,260 tons as of Wednesday.
However, LME cash copper premium against three-month CMCU0-3 has narrowed from $545 reached in mid-August, implying some inflow into LME warehouses helped relieve near-term tightness.
"The strength is not fully explained by conventional positioning," analysts at Sucden Financial said, noting declining net length on the LME and COMEX. Large December options exposure at higher strikes may be adding hedging demand as prices rise, it added.
Investors were also awaiting U.S. consumer inflation data due on Friday.
Markets were pricing in chances of around 60% for a Federal Reserve rate increase this month, according to the CME FedWatch Tool, higher since the release of robust U.S. jobs data last week. USD/
Copper hits record on tight supply outside the U.S.
Copper hit a record high on Thursday due to scarce supply outside the United States, despite oil above $100 a barrel adding to inflation concerns and pushing global bond yields higher, which are typical headwinds for the red metal.
Three-month copper on the London Metal Exchange CMCU3 hit a record high of $14,875 a metric ton on Thursday and was up 0.33% at $14,815.50 as of 0707 GMT.
The record surpassed $14,858.50, a peak level the benchmark reached on Wednesday.
The most-traded copper contract on the Shanghai Futures Exchange SCFcv1 closed 0.97% higher at 112,200 yuan ($16,731.04) a ton.
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