Copper rose in New York and London to the highest price in almost five months as inventories of metal shrank for a 30th week in a row.

Stockpiles of copper tracked by the London Metal Exchange dropped to the lowest level in more than 10 months. Orders to draw metal from inventories posted the biggest weekly jump in four weeks. Goldman Sachs Group Inc. said copper is among raw materials it expects "to break out to the upside in coming months."

"The market is increasingly aware of fundamental tightness in copper," said Tom Kendall, an analyst at Credit Suisse Group AG in London. "Stocks keep being drawn down."

Copper for delivery in December gained 4.05 cents, or 1.2 percent, to $3.534 a pound at 7:53 a.m. on the Comex in New York. The most-active contract touched $3.5525, the highest price since April 26, and is up 3.7 percent this week, on course for the biggest weekly advance since July.

Supply deficits probably will "quickly deplete" stocks over the coming year, Goldman Sachs analysts including Jeffrey Currie said in a report. U.S. and Chinese government policies aimed at spurring growth will combine with "exceptionally high" demand in emerging markets, the bank said.

Copper for delivery in three months rose 0.9 percent to $7,769 a metric ton on the LME. Among other main LME metals, tin gained for a ninth day in a row.

Eoin Treacy's view Copper rose in New York and London to the highest price in almost five months as inventories of metal shrank for a 30th week in a row.

Stockpiles of copper tracked by the London Metal Exchange dropped to the lowest level in more than 10 months. Orders to draw metal from inventories posted the biggest weekly jump in four weeks. Goldman Sachs Group Inc. said copper is among raw materials it expects "to break out to the upside in coming months."

"The market is increasingly aware of fundamental tightness in copper," said Tom Kendall, an analyst at Credit Suisse Group AG in London. "Stocks keep being drawn down."

Copper for delivery in December gained 4.05 cents, or 1.2 percent, to $3.534 a pound at 7:53 a.m. on the Comex in New York. The most-active contract touched $3.5525, the highest price since April 26, and is up 3.7 percent this week, on course for the biggest weekly advance since July.

Supply deficits probably will "quickly deplete" stocks over the coming year, Goldman Sachs analysts including Jeffrey Currie said in a report. U.S. and Chinese government policies aimed at spurring growth will combine with "exceptionally high" demand in emerging markets, the bank said.

Copper for delivery in three months rose 0.9 percent to $7,769 a metric ton on the LME. Among other main LME metals, tin gained for a ninth day in a row.