Copper rose for the tenth consecutive month, reaching its highest level since last October, while more surplus metal went into warehouse.

Spot copper averaged $2.8786 on Comex during October, up 6.38¢, or 2.3% over $2.8148 in September and was up 69.3¢ or 31.7% over $2.1857 last October.

The year to date average now stands at $2.2027, off $1.2503, or 36.2% from $3.4530 during the first ten months of 2008.

Inventories held in Comex and LME warehouses rose 33,644 MT, or 8.5% during October to 427,960 MT, and are up 57,110 MT from year end. On a year over year basis, stocks have risen 188,336 MT, or 79% from 239,624 MT last October.

See below for a chart covering 1988 through October 2009.