Copper Prices Supported by Tightening China Conditions – ING
ING strategists report that copper prices are underpinned by tightening physical conditions in China, including scrap shortages, smelter maintenance outages, and declining inventories.
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According to ING Commodities Strategists Warren Patterson and Ewa Manthey, copper prices are being supported by tightening physical conditions in China. Yangshan import premiums have surged due to scrap shortages and smelter maintenance outages. Additionally, Chinese and LME inventories are declining, further tightening supply.
This combination of factors is providing a floor for copper prices in the near term.
Source: FXStreet Forex News