Copper inventory at warehouse registered to London Metal Exchange increased to more than 500,000 million tonnes at the end of 2009 for the first time since April 8 2009. The stock continues increasing since last summer when China decreased the purchase. The stock was 250,000-260,000 tonnes in July 2009 due to firm demand in China.
The copper stock increased by 75 tonnes to 502,400 tonnes on Monday. The stock increased to 10 days of world consumption from 5 days in July. The stock increases at warehouses in Asia when the excess inventory in China is transported to the warehouses. The total stock of LME, New York Commodity Exchange and Shanghai Futures Exchange increased to about 700,000 tonnes, which is equivalent to 14 days of world consumption. However, market sources see that the inventory at LME is not high level. The price is not affected by stock increase.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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