Reported 4 months ago
Copper prices fell below $10,000 per metric ton as global inventories rose, with stockpiles on the Shanghai Futures Exchange reaching levels not seen since 2020 and inflows into Asian depots tracked by the London Metal Exchange. This surge in inventories comes as US job openings data showed a decline, leading to expectations of Federal Reserve interest rate cuts. The rise in exchange inventories suggests ample supply, dampening hopes for a rapid price rebound, with copper falling 1.7% to $9,968.50 per ton on the London Metal Exchange.
Source: YAHOO