Stocks of aluminum in LME warehouses jumped 65,825 tonnes to 433,025 tonnes on Friday.

Premiums of physical copper sales to China in 2023 are expected to rise to between $150 to $210 per tonne over the benchmark London Metal Exchange price.

World refined copper production is forecast to rise by about 2.8% in 2022 and 3.3% in 2023.

Metals such as nickel have already seen an export ban.

The Chilean miner also said it produced 181,900 tonnes of copper in the third quarter of the current year.

A sharp increase in ShFE copper inventories also dented sentiment.

The world's biggest copper miner has agreed a record benchmark premium for European buyers at $234 a tonne for 2023, up 83% from this year.

The global nickel market is expected to remain in deficit for a third straight year in 2023 on solid demand for battery, chip-making equipment and oil-well tubular.