Copper posted its eighth consecutive increase during August, and the largest monthly gain since May 2007, despite rising inventories. Spot copper averaged $2.8106 during August, up 42.5¢, or 17.8% over $2.3855 in July, but was down 62.6¢, or 18.2% from $3.4364 last August.
The Year to date average now stands at $2.0417, off $1.61, or 44.1% from $3.6502 during the first eight months of 2008. Inventories held in Comex and LME warehouses rose 17,272 MT, or 5.2% to 348,220 MT, and are up 169,955 MT, or 95.3% from 178,265 MT in stock last August.
See below for a chart covering 1988 through August 2009.
