Copper ingot inventory decreased to less than 500,000 tonnes at warehouses registered to London Metal Exchange for the first time in one and half months. The overstock pressured on the international market after the financial crisis and slower industrial activity increased the stock since last autumn. The stock started decrease from late-February dropping by 10% in 2 weeks. The improving supply balance impacts positively on the market.
LME copper inventory was 497,625 tonnes on Friday, which decreased by 6,700 tonnes from previous day. The stock reached the peak of 548,400 tonnes on February 25. The stock decreased significantly in Asian deposits while the stock still increased in US deposits. Chinese higher demand contributed to the lower inventory in Asia when China expands the investment for infrastructure through the stimulus package. The higher demand is partly due to Chinese traders’ speculation when LME market is lower than Shanghai market price. LME copper price recovered US$ 3,500 per tonne in early March under the improving supply balance while the price was slump at around US$ 3,200 in earlier the year.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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