SMM: London Metal Exchange (LME) data released on Friday showed that Lun copper stocks continued to decline to 141725 tons, refreshing more than half a year low. Lun copper inventories have continued to decline since mid-May, with copper stocks on the exchange down more than 140000 tonnes, or about 50 per cent, so far.
As of July 24, copper stocks in the previous period rose for three weeks in a row, with weekly inventories falling by 0.61% to 157684 tons, still near a two-month high.
Over the past two weeks, COMEX copper inventories have fluctuated at a high level, holding steady at around 89000 short tons. Inventories fell to 89091 short tons as of July 24, the highest level in about a year and a half.
Note: generally speaking, declining stocks in domestic and foreign exchanges will support the futures price, otherwise, it will be bad for the futures price.
[SMM Analysis] LME copper inventory continues to decline overseas consumption recovery, recently there are goods arriving in Hong Kong, rising discount is under pressure.
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