Copper fell below $10,000 a ton as a sharp rise in global inventories prompted traders to zero in on weak conditions in the spot market.
Stockpiles on the Shanghai Futures Exchange have climbed to the highest since 2020, and there has also been a steady stream of smaller inflows into Asian depots tracked by the London Metal Exchange over the past few weeks. Inventories typically decline at this time of year, and the jump has put pressure on prices after copper spiked to a record high above $11,100 last month.
Even so, the ongoing rise in exchange inventories offers evidence that buyers are amply supplied for now. That’s serving as a headwind for bulls predicting that prices will soon make another push higher. “The copper market seems much more sufficiently supplied than some traders had hoped for,” Carsten Menke, head of next-generation research at Julius Baer, said in an emailed note. “Hence a rapid turnaround of copper prices thus looks unlikely in our view and we rather expect the market to consolidate during the summer months.”
Copper fell 1.6% to $9,981 a ton on the London Metal Exchange as of 11:27 a.m. local time. The metal racked up a third monthly advance in May after hitting a record during the month.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ABC7Chicago - 🏆 284. / 63 Read more »
Source: ABC7 - 🏆 67. / 68 Read more »
Source: DailyFX - 🏆 305. / 63 Read more »
Source: InStyle - 🏆 103. / 63 Read more »
Source: DigitalTrends - 🏆 95. / 65 Read more »
Source: TheBlock__ - 🏆 464. / 53 Read more »