Declining copper stocks at London Metal Exchange-registered warehouses are not an indicator of improving demand conditions in Europe, according to industry participants, with the LME's recent off-warrant stock publication showing the extent of surplus supply in the region.
Deliverable LME copper stocks in Rotterdam have fallen by 55.9% so far this month, declining from 67,225 tonnes on-warrant on July 1, to their current level of 29,650 tonnes on Friday July 17.Yet against a backdrop of demand stagnancy and a climbing three-month LME copper price, which continues to trade at more than...