World Copper Stock Hits 6-Month High

World copper ingot inventory held by major 3 exchanges including London Metal Exchange, New York Mercantile Exchange and Shanghai Futures Exchange reached 200,000 tonnes for the first time in 6 months. LME stock hit 8 months high. World copper supply gets easier due to slower consumption under slowing economy. LME’s copper stock was 179,800 tonnes on Tuesday, which was 6,075 tonnes higher than previous day. The stock increased by 1,200 tonnes in Pusan, South Korea, by 1,100 tonnes in Rotterdam, Netherlands, by 1,725 tonnes in Vlissingen, Netherlands and by 1,750 tonnes in Mobile, USA. The inventory was 109,025 tonnes at recent bottom in May, which represents only 2 days of world consumption. However, LME stock increased to more than triple in 4 months due to slower consumption. The stock increased to 5 times in Rotterdam and by 27% in Gwangyang and Pusan. The inventory held by Shanghai Futures Exchange gets lower recently. The stock was 17,625 tonnes on Tuesday, which is 60% lower than 43,000 tonnes in late July. Chinese copper buyers increase the purchase when the government eases the money supply to stimulate the slower economy.