The likelihood of copper futures gaining again is high as supplies of the reddish metal will drop to their lowest levels in 48 months due to mistakes with operations, shortfalls in employment and the reduced quality of ore grade, Barclay Capital analysts told Bloomberg.
Supplies of the reddish metal will last 2.7 weeks by the end of this year, according to projections forecast by Gayle Berry and Nicholas Snowdon. That figure is down from 3.2 weeks for the end of last year and 3.6 weeks for the end of the year prior.
"All of these issues are going to keep the level of disruptions elevated," Snowdon told the news source. "There are new projects hitting the market, but it's a relatively disappointing outlook" for inventories.
At 1:01 p.m. on Thursday, copper futures gained 1.7 percent, a 6.3 cent rise to $3.7705 per pound.
Dow Jones Newswires reports Thursday's climbs for the reddish metal, which are marking a third consecutive day of gains, are attributable to reduced jobless claims in the U.S. influencing economic sentiment to climb.