Copper Slips as Rising Stockpiles Put Focus Back on Soft Demand [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg Copper — used in pipes and batteries — is up by about 8% this year, after hitting a record above $14,500 last week. The gains have been underpinned by surging speculative interest in China, as well as a strong long-term outlook built on tight supply and rising demand for applications like electrical vehicles, renewable energy and data centers. But the spot market for copper has weakened in China as the metal became expensive for fabricators in the world's top consumer, with fresh signs of demand softness on Wednesday as inventories jumped in London Metal Exchange warehouses in Asia. And supplies are set to rise further. Copper traders pulled extra spot cargoes from Africa into the Chinese market, capitalizing on a brief arbitrage window last week as a surge in Shanghai futures outpaced gains in benchmark prices in London. The China Nonferrous Metals Industry Association also forecast that the country's refined copper output would rise about 5% this ye
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