China saw its largest weekly drop in copper inventories this year, with refined
stocks falling 78,700 tons to 486,200 tons, according to Mysteel Global. The
decline comes as copper prices dropped about 12% on the London Metal Exchange
amid the Middle East conflict, spurring domestic fabricators to increase
purchases. Zhejiang Hailiang Co. has tripled daily buying, with processing fees
for copper rods rising due to higher order volumes.
