Copper stocks increase

Print this page Posted on : 01-31-2009 by recycleinme.com

Copper inventories in warehouses monitored by the London Metal Exchange jumped 22,750 tonnes on Thursday, the most since August 2004. The percentage increase of 5 per cent was the most since Sept. 5, according to LME figures. Warehouses in New Orleans took in 16,075 tonnes, or 71 per cent of the total. The US is the biggest buyer of copper after China. Total copper inventories have jumped 41 per cent since the end of 2008 to 477,675 tonnes, the highest since Nov. 24, 2003, as recessions in the US, Germany and Japan reduced demand from builders and manufacturers.

Source : Business Line