Copper back close to where it was

摘要

Was the dip in the copper price towards the end of the first week of February purely a delayed reaction to the US equities-led jarring of markets at the beginning of the month, or a direct consequence of the heavy load-in of metal to LME warehouses? In reality it was probably a mixture of both, although the increase in inventories on the London exchange may well have been triggered by the prior weeks' financial turmoil. The LME 3M price declined from an end January / beginning February level of around $7,100/t to a low of $6,733/t on 9th February.