Copper Drops as Stockpiles Increase, Rally Seen Excessive
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Copper fell for the first time in five sessions in New York amid signs of increased supply. Nickel slid for a second day before a presidential election in Indonesia, the world’s largest producer.
Copper inventories monitored by the London Metal Exchange increased 1.8 percent to 159,350 metric tons, as stockpiles in Busan, South Korea, jumped by almost half. The metal reached a 19-week high on July 3 after a report showing U.S. unemployment at the lowest in almost six years boosted speculation that demand will rise.