Something unusual is happening in the market for copper that hasn't been seen in nearly 30 years. Some see it as yet another sign that the global economy...
Something unusual is happening in the market for copper that hasn’t been seen in nearly 30 years. Some see it as yet another sign that the global economy could be headed for a rough patch.
Prices have been declining over the past few months as inventories have piled up at London Metals Exchange warehouses around the world. According to the latest data from LME, 163,900 tonnes of copper are being stored in exchange warehouses around the world as of Sept. 22. That’s an increase of 50% since the start of September, following a 50% increase during the month of August. Inventories have been rising since mid-July, data show.“This shows clear signals of weakening demand,” said Ewa Manthey, a London-based commodity strategist at ING, in a note to clients.
But some analysts have recently questioned copper’s predictive potential. Bank of America’s commodity research team led by Michael Widmer and Francisco Blanch said copper’s sensitivity to GDP growth has waned in a research note published last month.
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