Chinese copper glut grows in sign of sluggish economy [Yahoo! Finance]
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Source: Yahoo! Finance
in Asia's largest economy to pull back on buying the world's most important industrial metal. Stocks of the metal in Shanghai Futures Exchange warehouses have grown to their highest level since 2020 at about 330,000 tonnes this month, according to Bloomberg data. Before then, the last time they hit this level was in 2015. Zhang Jiefu, senior analyst at Zhengxin Futures, said the excess metal “simply cannot be consumed”, adding that wire and cable manufacturers are under “tremendous pressure” because of the downturn in China's real estate sector. Copper is widely used in electrical wirings, plumbing and household appliances when building construction ends. The build-up of copper inventories highlights the fragile state of the country's industrial sector, which reined in demand when the red metal surged to a record high above $11,000 per tonne last month on a speculative trading frenzy led by the US. Stocks at warehouses linked to the world's largest metals exchanges are used
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