“Copper traders are the least bearish in a month as the metal has its best start to a year since at least 1987 and stockpiles tracked by the world’s biggest metals exchange were poised to slump to the lowest in 3 1/2 years.
Fourteen of 30 analysts surveyed by Bloomberg expect the metal to decline next week, the lowest proportion since Dec. 23. Three were neutral. Prices reached a four-month high of $8,428.50 a metric ton today, taking this year’s advance to 11 percent. Inventories (LSCA)tracked by the London Metal Exchange are already the smallest since December 2010 and existing orders to withdraw metal may reduce that to the lowest since July 2009.”
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