China Bonded Copper Stocks Down To About 550,000 Tons -Goldman-Shanghai Metals Market

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China Bonded Copper Stocks Down To About 550,000 Tons -Goldman

Industry News 08:50:20AM May 17, 2012 Source:SMM

May 16, 2012 LONDON (Dow Jones)--The amount of copper stored in bonded warehouses in China is falling as material makes its way to Asia following a tightening of London Metal Exchange spreads, U.S. investment bank Goldman Sachs (GS) said Wednesday.

Chinese bonded warehouses stocks declined from between 640,000-650,000 metric tons at the end of April to between 500,000-570,000 tons currently, Goldman estimated.

This will likely help to loosen LME spreads and raise the availability of metal outside China in the short term, the bank said.

"This fall in bonded stocks reflects a reduction in the profitability of financing deals post the LME spread tightening in mid-April," the bank noted.

 

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China Bonded Copper Stocks Down To About 550,000 Tons -Goldman

Industry News 08:50:20AM May 17, 2012 Source:SMM

May 16, 2012 LONDON (Dow Jones)--The amount of copper stored in bonded warehouses in China is falling as material makes its way to Asia following a tightening of London Metal Exchange spreads, U.S. investment bank Goldman Sachs (GS) said Wednesday.

Chinese bonded warehouses stocks declined from between 640,000-650,000 metric tons at the end of April to between 500,000-570,000 tons currently, Goldman estimated.

This will likely help to loosen LME spreads and raise the availability of metal outside China in the short term, the bank said.

"This fall in bonded stocks reflects a reduction in the profitability of financing deals post the LME spread tightening in mid-April," the bank noted.