Copper Slids As Rise in Stockpiles Bring Prices Under Pressure

Copper prices slid for a second session on Tuesday, coming under pressure from a rise in stockpiles of the metal used in power and construction. Inventories had fallen more than 100,000 tonnes since March to just over 280,000 tonnes, while copper prices have moved sideways after reaching a four-year high of $ 7,312.50 in December.

The impact of Chinese curbs on scrap metal imports introduced this year will be blunted by a rise in domestic scrap production, analysts say. Chinas property prices are expected to cool steadily this year amid persistent curbs on buyers and tighter monetary conditions, but the market remains frothy and is subject to volatility, a government think tank said on Monday.