Copper Supplies in China Expected to Fall Further, Increasing Supply Concerns
Copper inventories on the SHFE (Shanghai Futures Exchange) are forecast to further reduce at the end of this week. The quick drop in supplies is expected to trigger a rise in prices, which could incentivize traders to resume shipping the metal to China. In April, inventories of the metal declined on the SHFE by 60% on a month-on-month basis. The end of the month saw stockpiles drop to 89,307 tons. This is the sharpest recorded drop in supplies in the history of the SHFE. Traders revealed to Reuters that they expected further declines to be announced by the close of…