London Metal Exchange warehouses are winning back some copper after losing out to China because of better rates and arbitrage opportunities. Stockpiles in LME-approved Asian warehouses rose 53 percent from a recent 15-month low, while Shanghai Futures Exchange inventories fell for four weeks from a record. Some metal poised for China may have been diverted to the LME due to smaller premiums and price gaps between the bourses, while Chinese demand typically picks up in the second quarter, said Citigroup Inc. analyst David Wilson.
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