Copper Fluctuates as Investors Assess Lower Stockpiles

The March contract settled at $3.3595/lb on the Comex.

  • NOTE: Copper fell as much as 0.5% on concern that new financing rules may curb demand in China, the world’s biggest user of the metal
  • “While the move is designed to bring shadow banking out of the shadows, we suspect it will also ration the amount of credit,” Edward Meir, an analyst at INTL FCStone in New York, wrote in a report today
  • Copper stockpiles tracked by the London Metal Exchange, at lowest since last Jan., slid 0.9% to 353,075t
  • On the LME, copper for delivery in three mos gained 0.4% to $7,351/t ($3.33/lb)
  • Aluminum, zinc and tin rose in London, while lead and nickel fell

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