FOCUS: Rotterdam's rising copper stockpile tells tale of fractured European consumption

Copper stocks in London Metal Exchange-registered warehouses in Rotterdam have been steadily rising over May, indicating weak European copper consumption during a period of heightened economic uncertainty.

And with manufacturing in the region still reeling from the effect of Covid-19 on supply chains, market participants are pessimistic that improvements will come this year.
Total LME stocks in Rotterdam sheds now stand at 84,925 tonnes, with 73,700 tonnes now on-warrant. That figure is up from 76,400 total tonnes at the start of the month, and 62,200 tonnes on-warrant. Rotterdam stocks were at 63,450 tonnes at the start of the year, with 47,475 tonnes on-warrant.
Rotterdam warehouses have long been a hub for the material, with the region’s robust in-warehouse market a frequent landing spot for both on- and off-warrant metal stocks.

“The impact...

Published

Hassan Butt

May 21, 2020

18:28 GMT

London