Shanghai Copper Inventory Exceeded 100,000 Tons

SHANGHAI, Sept. 23 -- The copper inventory on the Shanghai Futures Exchange has exceeded 100,000 tons by far, thus hitting the new high in recent six years.

    By last week, the copper inventory on the Shanghai Futures Exchange reached 104,000 tons, according to latest data. Such a plenty of copper inventory has caused pressure on the copper price. The dominant contract CU0912 of the copper futures on the Shanghai Futures Exchange closed at CNY 48,780 per ton, down 340 from the previous close.

    Actually, the increase of the copper inventory started as from the end of this July or the beginning of this August. It is the increase in domestic copper output that led to the increase in the copper inventory, according to industry experts. On the other hand, relatively higher copper price and lower market demand for coppers also resulted in the copper inventory increase. However, with the economic revival and more copper consumption, future copper price might become clear this October, according to market analysts. Currently, the electric wires and cables are selling well and the export of household appliances is making a turnaround.

    (Source: www.cnstock.com)