SHANGHAI, Mar 27 (SMM) – The current high copper inventories at global exchanges are set to impose further pressure on the already weak prices, SMM believes.
Copper inventory at LME grew 31,225 mt on Tuesday March 27, after it jumped 35,000 mt a day before. This lowered stocks to 383,975 mt, the highest level since May 2017. Cancelled warrants stood at 11.8% on Tuesday, down from 13.9% on Monday.
COMEX inventory increased to 232,574 short tons as of Monday, while that at SHFE rose for eight consecutive weeks and recorded an one-year high at 307,435 mt as of Friday March 23.
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