China Copper Gauge at Zero Offers Stark Warning to Metals Bulls [Financial Post (Toronto, Ontario, Canada)]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — A key measure of Chinese copper demand just sank to zero, another sign that global prices are not balanced with what buyers in the biggest market are prepared to pay. Premiums paid on imported refined copper extended a months-long decline to reach zero for the first time in Shanghai Metals Market data going back to 2017. The unusually low levels come just days after copper on the London Metal Exchange rallied to a two-year high near $10,000 a ton. Article content Article content Copper is up nearly 15% this year on the LME on bets that a global recovery in manufacturing — and growth in demand from new-energy applications — will spur long-term gains. But in China, inventories are rising, spot prices are trading at a discount to futures, and smelters are turning to exports. Customers of one of China's biggest copper traders have been reluctant t
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