Copper price hikes could be looming as growing demand for the malleable metal cut inventories on major metal exchanges last month by nearly one-fifth.
The expanding economies of China, India and other Asian countries have created a boom in demand for metals such as zinc and nickel, used in stainless steel, as well as copper, used in wire, plumbing, and to make brass. The metal also remains in heavy demand in the West.
As a result, copper inventory on the London Metal Exchange and New York’s Comex was down 18% in May, down 28% from one year earlier, and down 38% from a peak in February, according to a research report by Desjardins Securities.
"Copper inventory levels have decreased substantially," analysts John Redstone and John Hughes wrote.
weakness: but for how long
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