Copper inventory is decreasing at warehouses designated by London Metal Exchange (LME). The inventory totaled 518,700 tonnes on 9 March, lower by 5.4% than the recent peak of 548,400 tonnes on 25 February. The inventory is decreasing mainly at warehouses in Asian regions and flowing into Chinese market.
LME copper inventory continued to decrease for 8 trading days in a row since the recent peak. In South Korea, the inventory decreased by 34% to 31,275 tonnes in Pusan and by 61% to 8,825 tonnes in Gwangyang. The inventory also decreased by 14% in Singapore. On the other hand, the inventory is increasing in New Orleans and Saint Louis of USA. In USA, copper ingots are brought into LME warehouses due to stagnant demand caused from economy downturn. On the contrary, LME copper inventory in Asian regions are flowing into China where a 4-trillion-yuan economic measure was launched. LME copper price kept lower than Shanghai Futures Exchange (SHFE) since October 2008. As a result, LME copper became attractive in Chinese market. Actual copper demand is strong in China because the 4-trillion-yuan economic measure is mainly targeted for infrastructures such as power distributions and railways, those which consume much copper. Meanwhile, Japanese source suggested some traders seem gaining speculative profits by purchasing LME copper and selling it at SHFE. SHFE copper inventory was 38,468 tonnes on 9 March. The inventory expanded by 10,136 tonnes (36%) for 6 trading days in March.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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