Copper falls on reports of Chinese copper stocks at 1.9m tonnes [CORRECT]
Oct 13, 2011 | 09:20 PM
[Corrects that stock estimate was for end-2010 in first para. Also corrects numbers in paras 12, 18.]
China Non-Ferrous Metals Industry Assn (CNIA) statistical staff estimated the level of Chinese copper stocks at 1.9 million tonnes as at end-2010, Bian Gang, vice-director of CNIA's international department told MB on Thursday.
News of the level of stocks, combined with economic data out of China, spooked the copper market on Thursday.
London Metal Exchange three-month copper opened in the pre-market at $7,429.50 per tonne, and traded as low as $7,327 per tonne.
Bian's department provided the estimate at the International Copper Study Group (ICSG) member meeting in Lisbon in September, he said.
The estimate includes stocks held by government agencies such as the State Reserve Bureau (SRB), bonded and exchange warehouses, as well as private entities such as producers and traders, he said.
"With 600,000 tonnes or so of that....
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