Copper Prices Surge to Record in N.Y. as Chinese Stockpiles Drop
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Copper futures rose to a record as inventories declined in China, the world’s largest user, bolstering speculation that demand will outpace supply.
Stockpiles monitored by the Shanghai Futures Exchange fell 5.8 percent last week, the biggest drop in almost three months. As of Sept. 30, global consumption exceeded output by 436,000 metric tons this year, the International Copper Study Group said last week. That compares with a deficit of 56,000 tons in the same period last year, the group said.