Copper dips as inventories rise

    140

    HANOI- Copper prices declined on Wednesday as lower premiums and rising inventories underscored weaker-than-expected demand pick-up in China during one of its traditionally strong consumption season.

    Three-month copper on the London Metal Exchange fell 0.2 percent to $9,026 a ton, while the most-traded May copper contract on the Shanghai Futures Exchange slid 0.1 percent to 67,150 yuan ($10,272.30) a ton.

    Yangshan copper premium was last at $57 a ton, hovering around its lowest since Nov. 30, 2020, indicating subdued demand for imported copper into China where consumption is expected to be strong in the second quarter.

    Meanwhile, inventories have been rising in LME and ShFE warehouses. – Reuters