RE:Chile: World's Leading Cu Engine : No power for new mines or massive upgrades
Copper Inventories decline sharply
By Jae Hur - Aug 5, 2013 10:40 PM ET
LME copper inventories fell 0.3 percent to 606,900 tons, data from the bourse showed yesterday. Orders to remove the metal from warehouses rose 2.3 percent, the most since June 27, to 324,300 tons.
Stockpiles in China’s bonded warehouses fell 63 percent to 300,000 tons in the four months through July, reducing total stockpiles in the world’s biggest user to three weeks of consumption, Judy Zhu, an analyst at Standard Chartered Plc, said in a report on Aug. 2.
The bank estimated total copper inventories in China at about 500,000 tons, compared with a peak of more than 1 million tons in March, she said.