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Copper dips as rising stocks offset tentative demand pick-up -2017 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
9/8/2016 有色金属展-铜材展-non-ferrous metals expo |
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Reuters reported that copper edged down recently, drifting back towards last week''s two-month low as a rise in inventories offset signs of a modest pick-up in buying.
Physical copper traders said demand was marginally increasing as the summer lull came to an end, though volumes remained muted. Inventories in London Metal Exchange ware houses rose further though, keeping the market under pressure.
LME copper stocks jumped 6,450 tonnes to 334,975 tonnes, the latest data showed, the highest in almost a year.
Citi analyst Mr David Wilson said that "Copper is still underperforming, and it''s still the worst performing metal this year. The LME build is slightly concerning, though that does seemto have been priced to a certain extent. We don''t know how muchmore there is to come."
Three-month copper on the London Metal Exchange closed at $4,620 a tonne, down 0.1 percent, after ending the previous day little changed. LME copper is holding just above support at $4,600, a nine-week low touched last week.
According to the LME''s Commitments of Traders report, investment interest was lacklustre, with the total net long position of funds trading copper on the London Metal Exchange falling to 18,033 lots on Friday from 27,026 lots the previous week. That came after data from the U.S. Commodity Futures Trading Commission showed on Friday that speculators sharply increasedtheir net short position in copper futures and options.
Deutsche Bank said that "In copper, the speculative community continued to increase their net short position to largest levels since June 2016 with prices losing ground over the week."
But traders in Europe and Asia reported a marginal rise incopper demand, which has been soft in recent months.
Standard Chartered said that "Feedback from fabricators onshore points to a pick-up inorders from the construction sector in recent weeks."
-2017 China(Guangzhou)Int’l
Non-Ferrous
Metal（Copper）Exhibition
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