LME copper inventories jumped 55,650 mt, the most in nearly three months

SHANGHAI, May 14 (SMM) – Stocks of copper in warehouses tracked by the London Metal Exchange (LME) jumped by the most in nearly three months on Thursday, as consumption beyond China has been hit hard by the COVID-19 lockdown restrictions.

Data from the bourse showed that the stocks rose 55,650 mt, or 24.51% to 282,675 mt as of Thursday May 14 from the day before, marking the biggest one-day tonnage increase since February 26.

Losses in three-month LME copper accelerated after the release of the inventory data on 16:00 Beijing time. The contract plumbed a one-week low of $5,181.5/mt.