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China May Sell Copper From Stockpiles

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sale1 September 7, 2010 (Chinavestor) Copper's recent rally may be put on pause on rumors that China’s State Reserve Bureau may reduce its stockpiles by selling some of the red metal on the open market. Copper prices touched a four-month high last week. China is viewed as the dominant player in terms of copper consumption and any speculation that the world's fastest growing major economy needs less copper can put a dent in the metal's prices.
China’s State Reserve Bureau purchased 235,000 tons of copper last year. Analysts believe the SRB isn't trying to sell copper stockpiles simply for the sake of profit and that the SRB will probably only sell a small amount at a time so as to not disrupt the market, according to Bloomberg News. Copper futures have jumped more than 20% in the past year. A stronger dollar and declines in the S&P 500 and other major global equity indexes also adversely impact copper prices.


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