Copper inventories in LME warehouses rose by 35,000 tonnes to 352,750 tonnes, exchange data showed on Monday. On-warrant stocks have nearly doubled this year and are now at their most elevated since September 2016. Hedge funds and money managers cut their net long positions in COMEX copper contracts in the week to March 20, the latest regulatory data showed. Chinas refined copper imports fell 1.8 pct in February to 229,611 tonnes, Chinese customs data showed on Monday.
U.S. President Donald Trump signed a memorandum on Friday that could impose up to $ 60 billion in import tariffs on Chinese goods. That sparked a sharp drop in stocks, with the Dow Jones Industrial Average falling more than 400 points. Reports that talks have begun to improve U.S. access to Chinese markets helped to allay fears over a potential trade war on Monday, leading to a bounce in equities. However, concerns linger that growth, and consequently metals demand, may be hit.
Domestic news was driven by protests. Around 15,000 people gathered for a protest meeting on Saturday night demanding the closure of a copper smelting plant in the Tuticorin district of Tamil Nadu. Alleging pollution of air, water and soil, the protesters say the plant should not be allowed to expand its operations.n March 2013, hundreds of people complained of breathing difficulty, nausea and throat infection following an alleged gas leak from the Sterlite Industries plant. Though the plant was ordered to shut down following allegations that it was violating pollution control norms, the National Green Tribunal had ultimately allowed the plant to be reopened.
Indian Copper was sailing at Rs 425.95 per kg, down 1.72%. The prices declined to Rs 425 per kg in evening trades.