Copper’s Ascent Threatened by Growing LME Stockpiles

- July 30th, 2009

Copper Investing News reports copper prices have rallied at 80 per cent this year on the back of Chinese State Reserve Bureau (SRB) purchases. If China’s purchases grind to a halt, so will the red metal’s rally. So far, copper’s ascent has been a China only story- that has overshadowed weak demand elsewhere in the world. The metal … Continued

Copper Investing News reports copper prices have rallied at 80 per cent this year on the back of Chinese State Reserve Bureau (SRB) purchases.

If China’s purchases grind to a halt, so will the red metal’s rally. So far, copper’s ascent has been a China only story- that has overshadowed weak demand elsewhere in the world. The metal for delivery in three months was trading at $5,470 a tonne on July 28th. On the New York Mercantile Exchange’s Comex division, copper futures climbed to a nine-month high of $2.579 a pound.

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