Copper Traders Most Bearish in Two Months on China: Commodities
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Copper traders are the most bearish in two months after stockpiles tracked by the biggest metals bourse rose for the first time in five weeks and Goldman Sachs Group Inc. cut its recommendation on commodities to neutral.
Eleven of 25 analysts surveyed by Bloomberg expect copper to drop next week, the highest proportion since Jan. 6. Seven were neutral. Inventories reported by the London Metal Exchange rose 1.4 percent on March 27, the first gain since Feb. 22. They retreated the following two days and rose again today. Reserves in Shanghai’s bonded warehouses tripled since November and any strengthening in demand next quarter may be “tepid,” Barclays Capital said in a report March 28.