Copper Inventories Rising

With the China PMI indicating a contraction in GDP growth (of which I talked about HERE), another sign has emerged of China slowing down.





The LME Copper Warehouse Stocks Level has started a trend change and is actually rising (Chart 1). This build in inventories is probably indicating a slowing down the economy. A part of this build is due to Chinese markets staying shut for a public holiday on Wednesday 4 April 2012: Qing Ming Festival (清明节). Shanghai reopened on Thursday.



To see my analysis on this trend change go to Copper Demand and the Importance of China.



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