Copper firmed on Friday, supported by an improved US economic outlook, although worries about demand from top consumer China amid higher Shanghai stocks is likely to weigh on sentiment. The most-traded June copper contract on the Shanghai Futures Exchange closed up 0.6 percent at 60,780 yuan a tonne, chasing Thursday's gains in London and up 1.3 percent for the week.
Copper stocks at warehouses monitored by the Shanghai Futures Exchange rose for the third consecutive week to 227,276 tonnes by March 15, the highest level since July 2002. In contrast to Shanghai's continuously growing copper stocks, LME stocks fell every day since February 22 to 267,750 tonnes by March 14, the lowest since June 2009.
Comments
Comments are closed.