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Copper hits three month low on rising inventories-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
3/23/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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Reuters reported that copper slumped to its lowest level in more than three months on Tuesday as rising inventories highlighted healthy supplies. Concern about trade wars, higher US interest rates and a stronger dollar also weighed on industrial metals markets.
London Metal Exchange prices extended losses in the European afternoon as US computer-driven funds stepped up selling.
Mr Geordie Wilkes, head of research at Sucden Financial said that “The US has opened up and they’re carrying on the negative sentiment.”
Copper was hit by data showing LME copper stocks grew by a further 3,200 tonnes on Tuesday to 322,475 tonnes, bringing this month’s rise to 61 %.
While some investors have been worried that potential strikes at copper mines could create shortages, this was not a major threat given robust supplies, said Ms Caroline Bain, chief commodities economist at Capital Economics.
Some labour deals have already been sealed while progress was announced on Tuesday in wage talks at Antofagasta’s Los Pelambres copper mine in Chile.
Ms Bain said that “We’ve been forecasting from the beginning that copper prices would fall this year because we just didn’t think the market was that tight adding that her year-end target was USD 6,500.”
Three-month LME copper closed 1.4% down at USD 6,755 a tonne, marking a fourth session of losses. It had dipped as low as USD 6,730, its weakest level since Dec. 14.
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