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Copper Falls as Inventories Surge in China After Lunar New Year
Copper fell along with most industrial metals, as rising inventories in China pointed to signs that a significant pick-up in demand following the Lunar New Year holiday is yet to materialize. Weekly inventories for all base metals increased over the past week, with copper spiking in warehouses monitored by Shanghai Futures Exchange, after consumption slowed during the week-long holiday earlier this month. Meanwhile, London Metal Exchange copper stockpiles rose the most since November. In another sign of a slow recovery in demand, local refined copper has been trading at a discount to the futures benchmark. Weakening ... (full story)