Copper Heads for Biggest Weekly Gain in a Year on Stockpiles |
| Bloomberg - Mar 28, 2008 |
Copper headed for its biggest weekly gain in over a year as global stockpiles of the metal used in wires and pipes slumped ahead of the peak demand season.
Copper inventories in London Metal Exchange warehouses fell for a sixth day to 117,225 metric tons yesterday, the lowest since August. Stockpiles in Shanghai warehouses fell for the first time since the end of the Lunar New Year holiday on Feb. 12, dropping 12,217 tons to 55,607 tons, the exchange said after the market closed today.
``Supplies are just about enough to meet demand at the moment,'' Shenzhen Rongtuo Trading Co.'s analyst, Pang Ying, said today. ``Inventory levels are considered low going into summer, which is what's keeping prices up.''
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- Posted: 2008-03-28 09:14:56
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