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RPT-COLUMN-Copper smelter terms at rock bottom as mine squeeze hits: Andy Home


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(Repeats story filed on April 13 without changes. The opinions expressed here are those of the author, a columnist for Reuters.)
China s raw material imports: tmsnrt.rs/3dXqcax
LONDON, April 13 (Reuters) - Copper’s turbo-charged rally has stalled over the last few weeks as funds have taken profits and physical buyers have refused to chase prices higher.
London Metal Exchange (LME) three-month copper hit a near 10-year high of $9,617 per tonne in late February but is now idling just below the $9,000 level, last trading at $8,910.
Spirits have been dampened by a rebuild in LME stocks, which have more than doubled to 168,500 tonnes from a February low of 73,500 tonnes. Market optics don’t look as bullish as they did. ....

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