Copper rebounds as inventories, stock markets stabilise
XLB•Copper gained 1.8% to $14,334 a metric ton as stock markets stabilised and inventory growth slowed. LME copper stocks rose by 800 metric tons on Friday, while Shanghai exchange warehouse inventories fell 26.5% for the week.
1. Copper prices rebound
Three-month copper on the London Metal Exchange gained 1.8% to $14,334 a metric ton by 1615 GMT on Friday, after falling 1.9% in the previous session to a five-week low. Metals were supported as global technology shares stabilised.
2. Inventory concerns persist
LME copper stocks rose by 800 metric tons on Friday after climbing by a fifth over the past week to 273,750 tons. Shanghai Futures Exchange warehouse inventories fell 26.5% for the week. Investors remained concerned about copper stocks in the United States and the risk of re-exports weighing on prices. Nickel fell 1.6% to $15,865 a ton, while aluminium, zinc, lead and tin rose.
