Colosseum a.s. (Colosseum a.s.)
Commodities  |  March 22, 2013 20:28:28

Inventories of copper reached its highest level in nine years

ColosseumFor the fourth time in the last five trading sessions the stock market weakened Comex belonging to the CME most active futures contract on copper. It was a response to a sufficient global supply and an increase in stocks at the highest volume of the last nine years. Inventories monitored by the London Metal Exchange rose Exchange since the beginning of the current year by 45%, not the highest level since November 2003. According to yesterday's report, the International Copper Study Group exceeded the global supply of refined metal demand in December 2012 to 168,000 metric tons. It was the largest surplus last six years. Barclays Plc expects that global supply will exceed global demand this year by a total of 92,000 tons. Copper futures for the May delivery date weakened in yesterday's trading session on the Comex exchange of 0.3% to the closing price of 343.50 cents per pound weight.Since the beginning of copper prices generally weakened already by 6%.

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