Copper stockpiles in China, the world’s largest user, fell 18 percent this week at the five warehouses monitored by the Shanghai Futures Exchange, the first decline since May 28.
“There is no doubt we have seen the bottom in terms of the industrial cycle,” Dan Smith, a Standard Chartered Plc analyst in London, said by telephone. “The investor inflows into the complex have been pretty strong. People continue to believe in the commodity story as a long-term investment play.”
Copper stockpiles in China, the world’s largest user, fell 18...
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