For those who, like me, are skeptical of the solidity of China’s economic growth and the basis for the commodity rally, this article is for you:
Copper’s 76 percent rally this year may soon end on signs that China has stockpiled more than it can use in new homes, cars and appliances.
Inventories monitored by the London Metal Exchange posted their first back-to-back weekly gains since February, increasing 8.3 percent from an eight-month low. Sumitomo Metal Mining Co., Japan’s second-largest smelter, said Chinese imports are slowing after record purchases boosted domestic supplies, and U.S. copper-scrap exporters report shipments to Asia are dropping.
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