LME copper continues to recover - sluggish demand in China may have bottomed out

2024/8/13 7:32 JST (some excerpts)
The copper exchange rate on the London Metal Exchange (LME) rose on the 12th. The recovery from the five-month low set last week continues. Inventory withdrawal orders from LME designated warehouses increased, and it was suggested that sluggish demand in China may have bottomed out.
　　The LME copper rate (3-month) ended at $9027 per ton, which was 1.8% higher. Inventory withdrawal orders (cancellation warrants) from LME designated warehouses have reached a high level since April.
　　As exports of bullion (electric copper) from China increased, the copper exchange rate fell 19% from the record high in May. However, after that, opportunities for arbitrage transactions were created again due to Chinese refined copper imports, and while copper premiums rose in China, inventory withdrawal orders from LME designated warehouses began to increase. According to LME data announced on the 12th, on-warranty (not scheduled to be withdrawn) inventory decreased by 7375 tons.