Copper inventories on the Shanghai Futures Exchange fell 13% to 73,423 tonnes on Friday to the lowest level since December, ING’s commodity experts Ewa Manthey and Warren Patterson note.
Copper inventories drop 13% in Shanghai
“The drawdown in inventories follows Chinese Customs data released earlier this month, which showed imports of refined copper jumped 15% in June from the previous month. In other metals, inventories of aluminium and zinc both increased, up 6.4% to 115,790 tonnes and 8.8% to 59,419 tonnes, respectively.”
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