LME warehouse stockpiles of copper dropped (22%) in November, according to the Wall Street Journal. That is possibly a sign of heightened demand. Yet in another article, the newspaper reported copper inventories in U.S. warehouses have more than doubled in the last year and are at their highest levels in a decade.
Copper prices will continue on an upward trend this year and next, according to a Metal Bulletin Research analyst speaking at the American Copper Council (ACC) meeting in Dallas in mid-November. He attributed recent declines to profit-taking but believes the market will be spurred on by solid demand from growing economies and the global copper deficit.
The world refined copper balance indicates a deficit of about 50,000 tonnes for the first eight months of 2017 (including revisions to data previously presented), according to the International Copper Study Group (ICSG). This is mainly due to stagnant growth in world refined copper supply. ICSG predicts global copper production to increase 2.5% in 2018 while demand grows by 2.3%.
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