Copper prices rose on November 3, as low inventories in storage partly supported the metal after falling sharply in recent weeks.
Three-month copper on the London Metal Exchange rose 1.3% to $9,618 a tonne, down 8% since Oct. 18.
Copper price for December delivery on the Shanghai Futures Exchange increased by 1.4% to 70,940 CNY (equivalent to 11,087.15 USD)/ton, the price of copper increased after two consecutive weeks of decline.
Copper inventories in London rose to 31,675 tonnes, but remained hovering near their lowest since 1998 of 14,150 tonnes reached on October 14.
The copper price difference between the spot futures contract and the 3-month futures contract is 275 USD/ton, showing that the supply is still tight.
Copper stocks at the Shanghai warehouse last week increased for the first time in three weeks to 49,327 tons, overall, copper stocks in the whole month are still down about 80% compared to May 2021.
On the London floor, aluminum prices increased 1.2% to $ 2,725.50 / tonne, lead prices increased 1.1% to $ 2,390 / ton.
On the Shanghai bourse, aluminum prices rose 1.6% to CNY 20,350/ton and lead increased 1.1% to CNY 15,925/ton.
A rural community in Peru is likely to lift its blockade of the country’s largest copper mine Antamina today after protests forced mining companies to halt, the Peruvian Ministry of Energy and Mines said. work.
Nickel prices on November 2 fell 1.3% to $ 19,455 / tonne and zinc prices fell 0.7% to $ 3,332.50 / ton.

Nickel’s spread between spot futures and three-month futures was $110 per tonne, indicating tight supply nearby, as inventories fell to their lowest since December 2019 at 140,904 tons.Future price list of some metals on the Shanghai Exchange (Unit: yuan/ton).