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.”
