Higher stockpiles in China, which accounts for about 40 percent of global demand, may curb an expected gain in imports this quarter, hurting prices. Copper on the London Metal Exchange has slumped from a record in February as concern that global growth may be slowing outweighed forecasts for a deficit.
Stockpiles of copper held in bonded warehouses in China, the world’s biggest user of the metal, may have rebounded since June as imports increased amid a lull in manufacturing over the summer. Inventories in the warehouses, which aren’t disclosed, may have gained by about 100,000 metric tons over the period to 400,000 tons, according to estimates from traders and analysts in China including Cofco Futures Co.
The amount of copper held in separate warehouses monitored by the Shanghai Futures Exchange, which is disclosed, has also surged over the past month to reach the highest level since May. Holdings have risen 35 percent since July 7, gaining for five straight weeks to 120,819 tons last week, bourse data show.
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