Chinese Reveal Size of Copper Inventory
China has for the first time revealed the estimated size of its copper inventories, shedding light on one of the commodity market’s biggest mysteries.
Chinese copper inventories stood at 1.9 million tons at the end of 2010, more than the US consumes in a year, according to estimates by the state-backed China Non-Ferrous Metals Industry Association. The estimate is significantly higher than the 1.0-1.5 million tons range that foreign executives have assumed in the past.washington wizards jerseys
The estimates, which were announced at a recent meeting of the International Copper Study Group but have not been made public, imply that real Chinese copper demand may have been lower than thought in recent years.Coach handbag
Movements in Chinese inventories are one of the most important price drivers for the global copper market. A buying spree in early 2009 by the country, which now accounts for about 40 percent of global copper demand, helped trigger a price rally from the lows of the financial crisis to new records this year above $10,000 a tonne.
The new stock estimates were presented at the last meeting of the ICSG, a group representing the governments of large copper-producing countries and consumers, in Lisbon at the end of September, according to several people who attended.
The CNIA estimated that Chinese copper stocks, not including those kept at Shanghai Futures Exchange warehouses,Discounts 1:1 replica Louis Vuitton handbags stood at 1.768 million tons at the end of 2010,utah jazz jerseys up from 1.218 million in 2009 and 282,bucks jerseys000 in 2008. SHFE inventories were 132,000 tons in 2010, putting China’s total stocks at 1.9 million tons.
China has for the first time revealed the estimated size of its copper inventories, shedding light on one of the commodity market’s biggest mysteries.
Chinese copper inventories stood at 1.9 million tons at the end of 2010, more than the US consumes in a year, according to estimates by the state-backed China Non-Ferrous Metals Industry Association. The estimate is significantly higher than the 1.0-1.5 million tons range that foreign executives have assumed in the past.washington wizards jerseys
The estimates, which were announced at a recent meeting of the International Copper Study Group but have not been made public, imply that real Chinese copper demand may have been lower than thought in recent years.Coach handbag
Movements in Chinese inventories are one of the most important price drivers for the global copper market. A buying spree in early 2009 by the country, which now accounts for about 40 percent of global copper demand, helped trigger a price rally from the lows of the financial crisis to new records this year above $10,000 a tonne.
The new stock estimates were presented at the last meeting of the ICSG, a group representing the governments of large copper-producing countries and consumers, in Lisbon at the end of September, according to several people who attended.
The CNIA estimated that Chinese copper stocks, not including those kept at Shanghai Futures Exchange warehouses,Discounts 1:1 replica Louis Vuitton handbags stood at 1.768 million tons at the end of 2010,utah jazz jerseys up from 1.218 million in 2009 and 282,bucks jerseys000 in 2008. SHFE inventories were 132,000 tons in 2010, putting China’s total stocks at 1.9 million tons.
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