Copper advanced for a third day amid declining global inventories and before the release of U.S. Federal Reserve meeting minutes later today.
The contract for delivery in three months on the London Metal Exchange climbed as much as 0.3 percent to $7,370 a metric ton and traded at $7,359.25 at 4:13 p.m. in Shanghai. The industrial metal, used in wiring and electronics, touched $7,460 on Jan. 2, the highest level since June 5.
Inventories tracked by exchanges in London, New York and Shanghai are at the lowest since November 2012, with LME stockpiles falling for a 44th session. The Fed minutes to be released today document the December meeting in which policy makers decided to start tapering the bond buying program that has supported global assets.
“Coppered rose with the low inventories,” said Lian Zheng, an analyst at Xinhu Futures in Shanghai.
Metal for delivery in March closed 0.4 percent higher at 52,060 yuan ($8,603) a ton on the Shanghai Futures Exchange. Copper for delivery in March climbed 0.3 percent to $3.3685 a pound on the Comex in New York.
On the LME, nickel, lead, zinc and tin also rose. Aluminum was little changed.