June 2009 | Base Metals
Seasonal weakness starting to weigh: Copper - Market Analysis
Prices should come under more pressure in the coming weeks as SHFE stocks rise, LME cancelled warrants fall, the downtrend in LME stocks bottoms out.
There were no surprises in the official Chinese import data for May, which was published yesterday, as preliminary data released earlier in the month warned it would be another record high number. Indeed it was, with refined imports hitting 337,230 tonnes and taking the January-May total to more than 1.4m tonnes, up 130% year-on-year.
...but this does not tell the whole story...
However, we reiterate that the arbitrage...
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