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Swelling Inventories Make Copper Cheaper

April 19, 2013 at 2:59 by Vladimir Vyun

Copper futures dropped in New York today as stockpiles grew to the biggest level in 10 years. At the same time, demand was wavering amid concerns about global economic growth. Inventories monitored by the London Metal Exchange expanded 0.6 percent to 612,350 tons, the highest since September 8th, 2003.

Poor macroeconomic data added to the downside momentum of copper. The manufacturing index of the Federal Reserve Bank of Philadelphia slipped from 2.0 in March to 1.3 in April. Growth of China’s leading indicators stalled in March after the 1.2 percent increase in February.

July futures for delivery of copper dropped as much as $0.04 (1.24 percent) to $3.1570 per pound as of 2:43 GMT on COMEX today.

If you have any questions and comments on the commodities today, use the form below to reply.

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