China is experiencing a significant copper glut, the largest in four years, as sluggish economic conditions, deflation, and tepid consumer demand lead to reduced industrial consumption. This surplus has resulted in record-high copper exports as manufacturers pull back on purchasing following a price spike. The situation is compounded by weak domestic demand and a potential price weakness ahead, despite some support from record-high US equities and a weaker dollar. Analysts note that the excess metal in Chinese warehouses 'simply cannot be consumed,' highlighting the challenges faced by the world's biggest copper supplier, which is attempting to recover from a massive slide in output. Copper prices, currently around $9,000, may drift lower.
LME base metal prices mixed; more #copper deliveries into Asian warehouses https://t.co/NNA2ngphhh
Who out there is actually tracking #copper trends in #China, & who is merely guessing? https://t.co/u0oKRH59jh
Top Overnight News China sitting on the largest copper glut in years as manufacturers dial back consumption amid a price spike and soft consumer demand. FT China’s PBOC head said the central bank is studying how to implement bond trading, but rejected comparisons to…
China's Copper Exports Jump To Record On 'Export Arbitrage' https://t.co/ziLPtKDWUW
China has ramped up imports of copper scrap as smelters seek alternative raw materials to offset tight sipplied of mined ore https://t.co/u5RBHvutzm
"With copper demand soaring...illegal mining has been booming. "The increase in truck numbers in 2024 is startling." https://t.co/rKc89aTWam #copper #minerals https://t.co/hpEJ7sMB5v
New York Copper Market Tightens Again, Piling Pressure on Shorts The July-delivery Comex copper traded at a 7.4 cent-per-pound premium to the September contract, in a condition known as backwardation that typically signals a supply shortage. The spread traded in an unprecedented… https://t.co/1znY38llw8
New York Copper Market Tightens Again, Piling Pressure on Shorts Spot prices trade at widening premium to later dated futures Global copper market remains comfortably supplied overall https://t.co/cXD3isUhHH
As @ChinaBeigeBook’s May commodities note warned! “CBB data are clear as day on this one:there is much more copper available than markets have been anticipating..this is still the strongest production level for May seen in 5yrs..capacity expansion has only picked up since Q4-23” https://t.co/2ay9xCMoUV https://t.co/XQCucaHTjI
Industrial Metals vs. Gold, China Government Bonds - The downward drift in industrial metals relative to #gold risks acceleration if #China government bond (CGB) yields are a guide. At 2.25% on June 18, the CGB 10-year suggests a new low in the ratio of the Bloomberg Industrial… https://t.co/Z85RqnznO7
Who has been tracking this closely? #China #copper https://t.co/6ifowE5r1h
Copper $9,000, Base Metals Downward Drift; Drivers, Implications - Fundamentals for base metals appear soft, with #nickel and #copper in particular seeing big builds in inventory. Though the long-term case on greenification remains bullish, near-term prices may drift lower with… https://t.co/uLir4dXAFO
The world’s biggest copper supplier insists it’s turning the corner after a massive slide in output. Analysts aren’t convinced, writes @jamesattwood https://t.co/X9Bhj6qfvJ
The world’s biggest copper supplier insists it’s turning the corner after a massive slide in output. Analysts aren’t convinced, writes @jamesattwood https://t.co/DlDdAjXhV7 via @markets
Copper $9,000? Copper inventories keep rising at a time of year they should be starting to fall, hinting at soft industrial demand and potential price weakness ahead. More on the Terminal via @BBGIntelligence {BI Comd <GO>} https://t.co/CBf9oePKMm https://t.co/vLQwQ53JA4
#China’s Copper Exports Hit a Record as Deflation Bites at Home https://t.co/8MQw9NyABC
#Copper prices are range-bound amid weak domestic demand, but could find support from record-high #US equities, a weaker dollar, and focus will PBOC Loan Prime Rate due tomorrow.
The biggest glut of copper in four years has built up in Chinese warehouses, with one analyst saying the excess metal 'simply cannot be consumed'. Manufacturers are pulling back on buying after a price spike and tepid consumer demand https://t.co/gOGXK6vItc https://t.co/JnGXuQSiAO
Chinese copper glut grows in sign of sluggish economy https://t.co/LXadZheqSk
China can OFFLOAD copper to world markets with a premium! Get ready for a wave of Chinese exports? More -> https://t.co/Z50tL7pS8N https://t.co/7Z5Tc5BrVQ