LME ASIAN WRAP: Copper prices down on eurozone woes, high inventory; Q2 expected to boost demand

Copper prices on the London Metal Exchange were down during morning Asian trading on Wednesday March 27 on concerns over high stock levels at warehouses and eurozone debt crisis.

At 04:11 London time, three-month copper was down $19.5 per tonne from its opening to trade at $7,632.5 per tonne. About 1,370 lots had traded since morning. “Global economic momentum has eased and rising risk aversion from the recent Cyprus events in Europe dampened sentiment in the copper market, however, we believe these factors are temporary,” ANZ’s commodity strategist Natalie Rampono said in a note. “Rising LME and Shanghai stockpiles near record-high levels have concerned market players [...] we believe the recent stock...

Published

Shivani Singh

March 27, 2013

05:00 GMT

Singapore