Copper prices fall in NY

Copper prices fall in NY

Copper prices in New York headed for the biggest drop in almost two weeks on signs that demand may ease after prices surged above 30% in 12 months.

Inventories in warehouses owned by the London Metal Exchange gained 1 percent to the highest since Sept 22nd Supplies monitored by the Shanghai Futures Exchange climbed to the highest since June.

Copper rose to a record today in London before erasing gains.

“Rising stockpiles are keeping prices in check,” said Adam Klopfenstein, a senior strategist at Lind-Waldock, a broker in Chicago.

“People are skeptical about the current price level. There may be a pullback, unless we see a big drawdown in inventories.”

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