February 2012 | Base Metals
A gulf between apparent and real demand: Copper - Market Analysis
We think the markets have run ahead of themselves in recent weeks. Admittedly, high levels of LME cancelled warrants and high Chinese imports recently point to robust demand, but this is apparent demand. Beneath the surface, real consumption is weak and does not justify these elevated price levels.
Chinese stocks soaring
At the end of last week SHFE copper stocks recorded their largest weekly gain on record, soaring by 48,246 tonnes, to total close to 180,000 tonnes. While this may have been skewed slightly by material which missed delivery ahead of the holiday closures, this still suggests a market shifting into considerable surplus....
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