Giant China Copper Hoard Has Miners Grappling With Demand Enigma
- Copper accummulated by China equals top miner's annual output
- China holds almost 80% of world's copper, Goldman estimates
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China has accumulated most of the world’s copper stocks, with miners and investors trying to figure out what that means for future demand.
China, which consumes more than 40 percent of global copper, now accounts for almost 80 percent of stockpiles after booming imports late last year sucked up stocks held elsewhere, according to Goldman Sachs Group Inc. The bullish view is that hoarders are seeing bargains. Bears say the buildup reflects demand weakness as China transitions to a consumer-driven economy.