Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
Bloomberg reports that in London, Copper inched up for a second day as banks from Goldman Sachs Group Inc. to JPMorgan Chase & Co. backed the metal’s prospects.
The market news is quoted as saying:
Three-month delivery copper on the London Metal Exchange rose as much as 1.1 percent to $8,958 a metric ton and traded at $8,949.75 at 3:12 p.m. Singapore time. Stockpiles of the metal in Shanghai Futures Exchange warehouses declined to the lowest in more than seven months last week, a sign that demand may be picking up in the world’s biggest consumer.
