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Copper in Shanghai Advances for Fifth Day as Inventories Drop

June 29, 2009 at 9:43 by Andriy Moraru

Copper in Shanghai climbed for a fifth day on optimism that demand may be picking up as global stockpiles decline.

Copper inventories in Shanghai fell 18 percent last week, the first drop in four weeks, the Shanghai Futures Exchange said in a report after the market closed June 26. Stockpiles of the metal tallied by the London Metal Exchange have declined every day since May 7.

“The large drop in inventories certainly lends support to the market,” Zeng Chao, analyst at Everbright Futures Co, said in an e-mail.

October-delivery copper on the Shanghai Futures Exchange, the most-active contract, gained as much as 0.9 percent to 40,740 yuan ($5,962) a metric ton and traded at 40,490 yuan at 10:03 a.m. Singapore time.

Three-month delivery copper on the London Metal Exchange rose as much as 1.8 percent to $5,125 a ton before trading at $5,105 a ton. Copper for September delivery in New York was up 0.6 percent at $2.3235 a pound.

From Bloomberg News.

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