Wednesday, March 14, 2012

"China copper stocks are 500,000 tons, Goldman Sachs says"

That is a lot of copper. China's copper consumption in 2011 was 7.33 million tonnes.
From Bloomberg:
Copper stored in bonded warehouses in China, which don’t disclose their stockpiles, comes to about 500,000 metric tons, said Goldman Sachs Group Inc. (GS) 

Inventories have climbed by about 450,000 tons since November including both bonded stocks and those monitored by the Shanghai Futures Exchange, Max Layton, an analyst at the bank in London, said in a report dated today. Inventories held outside of bonded and exchange-tracked warehouses may have increased about 150,000 tons in the period, he estimated....MORE