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.