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Copper Dropped As Shanghai Warehouse Stocks Up 11.5%.
Copper experienced a modest decline of -0.52%, settling at 731.6, driven by an 11.3% increase in copper inventories in warehouses monitored by the Shanghai Futures Exchange. Despite this, the downside was limited as LME-registered warehouse stocks decreased by 32% this year to 114,075 tons. The global copper market faced mixed signals, with China announcing a 5% growth target for 2024 at a parliamentary meeting, disappointing some investors anticipating more extensive stimulus measures. China’s manufacturing sector also witnessed its fifth consecutive month of contraction in February, prompting calls for increased stimulus to stabilize growth.
