Copper may decline for first time
Wednesday, 2 December 2009
SINGAPORE, Dec 1 (Bloomberg): Copper may drop for the first time in three days on concern a recent rally was excessive amid rising global inventories and as the dollar advanced against the yen after the Bank of Japan said it will hold a policy meeting Tuesday.
Stockpiles of the metal in warehouses monitored by the London Metal Exchange climbed for a 20th day yesterday to 438,525 metric tonnes, the highest since April 23. Inventories have increased for 20 consecutive weeks. Still, copper has more than doubled this year while the Dollar Index has dropped 7.9 per cent as investors bought raw materials as an alternative to a declining US currency.
Stockpiles of the metal in warehouses monitored by the London Metal Exchange climbed for a 20th day yesterday to 438,525 metric tonnes, the highest since April 23. Inventories have increased for 20 consecutive weeks. Still, copper has more than doubled this year while the Dollar Index has dropped 7.9 per cent as investors bought raw materials as an alternative to a declining US currency.