June 2009 | Base Metals
Supported by macro data: Copper- Market Analysis
Fund buying is the only factor keeping prices elevated, as Chinese demand has faded and LME stock decline is almost over.
One source of support for prices last week were rumours that withdrawals were being made from SHFE warehouses and that the exchange’s weekly stock report on Friday could show a decline of around 10,000 tonnes. As it turned out, 12,448 tonnes were withdrawn, which reversed a bearish four-week uptrend that has seen stocks rise by 127%. In addition, the...
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