Copper on the LME gained 1.3% to $13,753 a tonne in early afternoon London trade, leaving the US premium over the global benchmark at around $470 a tonne. LME inventories have fallen by more than 10,000 tonnes this week to 262,300 tonnes, and China’s import premiums last week hit their highest level since 2022. Earnings sweepCopper miners rallied in New York morning trade, helped by an earnings season showcasing the metal’s margins. Glencore gained as much as 4.6% after reporting a 15% rise in first-half copper output, Freeport-McMoRan climbed as much as 4.1% and Southern Copper 3.7%. Most metals on the LME are heading for modest monthly gains in July, with tight physical markets offsetting macroeconomic and geopolitical headwinds.