LME zinc inventories are rising while copper inventories are falling sharply, say ING commodity strategists Ewa Manthey and Warren Patterson.
Copper net long positions lowest in more than half a year
“LME zinc inventories rose by 23,625 tonnes (the largest daily addition since 22 November 2023) to 263,150 tonnes yesterday, the highest level since 3 April 2024. Most of the inflows were reported from warehouses in Singapore. Available stocks posted gains after falling for four consecutive sessions, rising by 23,675 tonnes to 238,475 tonnes yesterday.”
“In copper, recent statements from BHP suggest that the main union at the Escondida copper mine in Chile has refused to resume talks following a new invitation from the company to reach an agreement. The company said it has begun demobilizing striking workers and activated contingency plans. In the meantime, mine workers who are not part of the negotiation can continue working.”
“The latest LME COTR report shows that investors decreased their net long position in copper by 6,681 lots to 59,385 lots for the week ended 9 August 2024. This is the lowest net long position in copper since the week ended 26 January 2024, following a weak demand outlook. A similar move has been seen in aluminium, with speculators decreasing their net long bets by 1,960 lots for the sixth consecutive week to 96,543 lots during the latest reporting week.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
