Copper Falls Through $10,000 as Exchange Inventories Keep Rising
- Shanghai Futures Exchange stockpiles reach highest since 2020
- Inventories of the metal are also rising in Asian LME depots
Copper stockpiles on the Shanghai Futures Exchange have climbed to the highest since 2020.
Photographer: Oliver Bunic/BloombergThis article is for subscribers only.
Copper fell below $10,000 a metric ton as traders weighed a sharp rise in global inventories and soft US job openings data that reinforced bets that the Federal Reserve will be able to cut interest rates this year.
Stockpiles on the Shanghai Futures Exchange have climbed to the highest since 2020, and there have also been a steady stream of smaller inflows into Asian depots tracked by the London Metal Exchange over the past few weeks. Inventories typically decline at this time of year, and the jump has put pressure on prices after copper spiked to a record high above $11,100 last month.