Copper Inventories Soaring Globally

Copper has been piling up at a record rate on global exchanges so far this year as surplus metal has flowed into warehouses across Asia, Europe and the US during a period of seasonally weak demand. Copper inventories stored in Shanghai Futures Exchange warehouses have jumped more than 90 percent this year and are at the highest level in 11 months, while Comex copper stockpiles are up 10 percent. In total, the year-to-date surge in global exchange inventories is the strongest in terms of tonnage in data going back to 2003. More copper may still be on its way, but through April the surge in stocks could start to reverse as demand gains.