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Copper demand vs. inventories another bad omen for commodities meltdown

Jul. 22, 2015 12:44 PM ETBDG-OLD, DBB, RJZ, JJM, JJCTF, UBM, BOM-OLD, BDD-OLD, BOS-OLD, CUPM, HEVY, CPERBy: Carl Surran, SA News Editor
  • The number of requests to withdraw copper from London Metal Exchange warehouses relative to the level of global inventories fell this week to the lowest since March 2013, signaling the meltdown sweeping through commodity markets could get even worse.
  • Commodity investors see it as a bad omen because copper historically has been used as an indicator for what is to come in raw materials and as a gauge of global expansion.
  • "Concerns about copper prices and Chinese demand for copper [are] reason to be worried more generally about demand for industrial metals and a wide variety of other commodities as well," says Natixis head of commodity research Nic Brown.
  • Comex copper futures recently -1.7% to $2.433/lb., heading for the biggest loss in two weeks.
  • ETFs: JJC, DBB, CPER, BOM, RJZ, BOS, JJM, BDD, CUPM, UBM, BDG, HEVY

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