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Thursday, August 18, 2011

Copper Inventories Tracked by the LME

Copper inventories tracked by the LME around the world had fallen three consecutive weeks to 461,775 tons as of Aug. 12. Stockpiles in Asia yesterday dropped to 173,575 tons, the lowest level since April.

Three-month copper in London tumbled to an eight-month low of $8,446.25 a ton on Aug. 9 on concerns that a downgrade of the U.S. long-term credit rating by Standard & Poor’s and contagion from the European debt crisis may cause the global economic recovery to falter.

One of the more positive outcomes from the LME price declines has been a reinvigoration of Chinese spot market buying, said a report by Barclays Capital yesterday. This has been evident from price trends, with the physical premium for cathode rising from $70-90 per ton to $90-110 per ton, according to the report.

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