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Declining copper inventories in LME warehouses pushed copper for April delivery to $7,325 per tonne.
Copper for April delivery was up on the London Metal Exchange, trading at $7,325.00 a tonne. The red metal climbed $10.00 or 0.14 percent from the last close of the market.
Giving the red metal its boost was declining inventories in LME warehouses. Copper inventories dropped 3,050 tonnes overnight, according to Metal Bulletin, as stores were removed from locations like Antwerp and Johor. Gains have stayed moderate as Chinese physical demand appears to be weakening, an analyst told the publication.
Copper on New York’s Comex is trading at $3.3505 per pound, down $0.09 from $3.4405 per pound.
