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Copper Prices Remain under pressure amid stockpiling

Metal News - Published on Mon, 18 May 2020

Image Source: Copper Prices
The Australian reported that copper prices were set for a weekly loss as rising stockpiles and dire economic data around the world hammered home fears that demand will remain weak despite a rebound in Chinese factory activity. Benchmark cash copper on the London Metal Exchange was down to USD 5,165 a tonne. Independent consultant Robin Bhar said "Rallies are difficult to sustain because the facts are grim. The worst is behind us, but we're not back to normal."

China, meanwhile, threatened retaliation after the United States moved to block shipments of semiconductors to Huawei, reviving tensions between the two countries that have spooked investors.

Copper stocks in LME-registered warehouses rose 30 per cent last week to 278,750 tonnes, the highest since October. Inventories in Shanghai Futures Exchange stores increased 2.3 per cent to 208,890 tonnes, but are down from a peak of just over 380,000 tonnes in March.

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Posted By : Yogender Pancholi on Mon, 18 May 2020
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