LME Zinc inventories grow, Copper inventories go down by quite a bit, ING’s commodity strategists Ewa Manthey and Warren Patterson note.
The lowest net longs for Copper in more than half a year “LME Zinc inventories increased by 23,625 tonnes to 263,150 tonnes yesterday - the highest since 3 April 2024. The majority of the inflows were reported from warehouses in Singapore. On-warrant stocks reported gains after falling for four consecutive sessions, rising by 23,675 tonnes to 238,475 tonnes yesterday.
The company said it initiated the demobilization of striking workers and activated contingency plans. Meanwhile, the mine workers who are not part of the negotiation are able to continue working.” “The latest LME COTR report shows that investors decreased their net bullish position for Copper by 6,681 lots to 59,385 lots for the week ending 9 August 2024. This is the lowest net longs for Copper since the week ending 26 January 2024, following a weak demand outlook.
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