“Copper reached a one-week low in London and zinc fell as inventories remained elevated at a time when the world’s largest consumer of both metals is absent from the market.
Copper stockpiles tracked by the London Metal Exchange touched the highest level since November 2011 and zinc inventories stayed within about 4 percent of an 18-year high, figures showed today. Financial markets in China are shut this week for the Lunar New Year holiday. Euro-area finance ministers met yesterday to discuss aid to Cyprus and Greece.
“Most people wait for the Chinese after the holiday,” Pengjiang “Richard” Fu, director for Asian commodities trading at Newedge Group SA in London, said by e-mail today. “Whether they buy or not would be the focus. Major issues include the European finance ministers’ meeting.”
Copper for delivery in three months slid 0.3 percent to $8,174 a metric ton by 10:23 a.m. on the LME. Prices reached $8,166.25, the lowest since Jan. 31. Copper for March delivery fell 0.3 percent to $3.713 a pound on the Comex in New York….”
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