China Copper Inventories Plunge as Falling Prices Aid Demand
A worker handles copper plates in a copper electrolysis plant in Longyan, China.
Photographer: Qilai Shen/BloombergChinese copper inventories had their biggest weekly drop this year, according to Mysteel Global, as a rapid slump in prices of the metal due to the Iran war buoyed demand.
Refined copper inventories across the country fell by 78,700 tons in the week through Monday to 486,200 tons, the Chinese researcher said. Fabricators had stepped up purchases due to a “surge” in new orders, Mysteel said in a statement.