Not Shanghai but LME. You can do some arithmetic. LME down to 49,225 tonnes.
Copper Rises in London for Third Day After Stockpiles Decline
2005-05-25 05:10 (New York)
By Chanyaporn Chanjaroen
May 25 (Bloomberg) -- Copper futures rose for a third day in
London after stockpiles of the metal declined to a six-week low,
adding to traders' concern that supply is lagging demand.
Copper stockpiles monitored by the London Metal Exchange fell
2 percent to 49,225 metric tons, the exchange said today. It was
the 10th consecutive daily decline and the longest drop in a
month. It also erased most of the 34 percent gain in stockpiles
reported last month.
``With LME stocks low and still being drawn the markets are
tight and therefore vulnerable to upside moves,'' Ross Norman, an
analyst at U.K.-based Basemetals.com, said in an e-mailed report
today.
Copper for delivery in three months rose as much as $20, or
0.7 percent, to $3,070 a ton. The metal was $18 higher at $3,068
as of 9:55 a.m. in London. The contract has declined 2.6 percent
this year, after gaining 37 percent last year.
Total inventories monitored by the LME, the Shanghai Futures
Exchange and the Comex division of the New York Mercantile
Exchange are at 102,859 tons, or about two days of global
consumption, according to Bloomberg estimates. Demand will rise
5.5 percent to 17.4 million tons this year, according to estimates
from the International Copper Study Group.
Prices also rose after BHP Billiton, the world's largest
mining company, shut its Tintaya mine in Peru yesterday as
operations were disrupted by protesters. London-based spokesman
Mark Lidiard couldn't immediately say today whether mining had
resumed.
Among other LME-traded metals for delivery in three months,
aluminum rose $1 to $1,743 a ton and nickel was up $10, or 0.1
percent, at $16,200. Lead gained $3, or 0.3 percent, to $968 and
zinc rose $4, or 0.3 percent, to $1,257. Tin gained $30, or 0.4
percent, to $8,050.
--Editors: Wallace |
