Copper stocks in London Metal Exchange-registered warehouses dropped by another 7,950 tonnes to 285,075 tonnes, exchange data showed on Thursday. They have fallen by more than 100,000 tonnes since March 27.
China imported 442,000 tonnes of unwrought copper in April,according to customs data released this week, the highest monthly total so far in 2018. Japans UACJ Corp said on Wednesday it was suspending aluminium buying from Rusal because of U.S. economic sanctions on the producer, but the company has found alternative supplies from others.
Aluminium fell on Thursday after three sessions of gains, pressured by trade selling and bearish options activity, while copper gained on lower inventories and speculative buying.Supporting metals prices was data showing Chinas producer inflation picked up for the first time in seven months in April, suggesting its industrial demand remains resilient even as trade tensions ratchet up with the United States.