Shanghai Copper Stockpiles Decline to 22-Week Low (Update2)
By Feiwen Rong
Sept. 29 (Bloomberg) -- Copper stockpiles in Shanghai Futures Exchange warehouses fell 22 percent to a 22-week low this week as makers of wires and pipes increased purchases before the weeklong National Day holiday.
Deliverable stockpiles of copper declined by 9,470 metric tons to 33,549 tons based on a survey of six warehouses in Shanghai, Guangdong and Wuxi, the exchange said today on its Web site. That's the lowest level since April 27.
``China's copper physical supply is very tight now, therefore some buyers took delivery from futures contract,'' said Jiang Mingjun, trader at Shanghai Oriental Futures Co. ``It's in line with market expectation.''
The Shanghai Futures Exchange will be closed from Oct. 2 through 6 for annual National Day holiday. It reopens Oct. 9.
Aluminum stockpiles fell by 7,017 tons, or 30 percent, to 16,354 tons, based on a survey of 11 warehouses in Shanghai, Guangdong and Wuxi, the exchange said. That's the lowest level since May 1, 2003.
Metal users have increased purchases of aluminum, which costs less than a third of copper.
To contact the reporter for this story: Feiwen Rong in Singapore at Frong2@bloomberg.net |
