Copper falls through $10 000 as exchange inventories keep rising

Copper fell below $10 000/t as a sharp rise in global inventories prompts traders to zero in on weak conditions in the spot market.

Stockpiles on the Shanghai Futures Exchange have climbed to the highest since 2020, and there have also been a steady stream of smaller inflows into Asian depots tracked by the London Metal Exchange over the past few weeks. Inventories typically decline at this time of year, and the jump has put pressure on prices after copper spiked to a record high above $11 100 last month.