Copper in Shanghai Swings Near 4-Week High as Stockpiles Fall
Copper in Shanghai swung between gains and losses near the highest in almost four weeks after stockpiles fell the most since May and before housing data in the U.S., the second-biggest consumer of industrial metals.
Stockpiles tracked by the Shanghai exchange fell 11% last week. In the U.S, the Commerce Department will probably say today new home sales climbed 5.7% last month to a 429,000 annualized pace after sliding in June, according to a Bloomberg News survey.
“With no trading on the LME, copper in Shanghai was supported by the weekly inventories drop and last week’s U.S. data,” said Kazuhiko Saito, an analyst at Fujitomi Co., a commodities broker in Tokyo.
Copper for December delivery in New York was little changed at $3.2235 a pound. Trading was delayed as CME Group Inc., the world’s largest futures market, suspended the start almost all of its Globex electronic-trading markets because of a technical issue.
Source: Bloomberg
