Copper Above $14,000, with Chinese Production in Focus

Dow Jones08-21 22:49

1448 GMT - Copper prices hold above $14,000 a metric ton after edging lower in recent days. The decline was partly driven by a sharp increase in copper stocks held in LME warehouses: total copper inventories climbed by 34,000 tons from last Friday to nearly 240,000 tons, according to Commerzbank. The rise in stocks provides some short-term relief for the well-supplied global market. However, China's copper production showed signs of weakening. Output fell 3.7% in July from the previous month and was only 1.3% higher than a year earlier. "A significant slowdown in China's copper production could lead to a shortage in the global copper market, which has so far remained well-supplied," analysts at the bank say. LME copper futures are up 0.9% to $14,172.50 a ton.

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