Copper advanced for a sixth day toward a record high as falling inventories and pre-holiday buying signaled tightening supplies in China’s physical market. The metal is heading for its longest run of gains in four months, driven by constraints in spot supplies despite some imported copper arriving in the country.

Much of the imported copper has gone directly to fabricators rather than warehouses, keeping spot supplies constrained, according to Shanghai Metals Market. This dynamic has contributed to sustained upward momentum in copper prices.

The trend reflects broader supply concerns in China’s commodities market, where demand remains robust while available inventory shrinks. Analysts note that the combination of seasonal buying and logistical bottlenecks continues to support prices.

Market participants are closely watching inventory levels and import flows for further signals on the trajectory of copper prices in the coming weeks.