Bloomberg London Metal Exchange

On the London Metal Exchange, copper for delivery in three months rose $50, or 1.1 percent, to $4,660 a ton ($2.11 a pound). The price touched a record $8,940 on July 2.

Inventories in LME-monitored warehouses dropped 2 percent to 326,575 tons today, a 13th straight decline. Metal booked for delivery out of warehouses, or canceled warrants, fell 9.9 percent to 47,625 tons, signaling the pace of stockpile drawdowns may be easing.

Also among metals for delivery in three months on the LME, aluminum rose 0.7 percent to $1,452 a ton. Global aluminum inventories shrank to 2.59 million tons in April, from a revised 2.74 million tons a month earlier, the International Aluminium Institute said.

Nickel climbed $610, or 4.8 percent, to $13,400 a ton and tin was unchanged at $13,650 a ton. Lead rose 0.4 percent to $1,445 a ton, while zinc declined 1.1 percent to $1,500. LME- monitored lead stockpiles increased 0.8 percent to 75,100 tons and zinc inventories gained 1.6 percent to 322,775 tons.

To contact the reporters on this story: Millie Munshi in New York at mmunshi@bloomberg.net; Anna Stablum in London at astablum@bloomberg.net;