Firm dollar and rising inventories send copper prices below $8,000
Inventories of copper in LME-registered warehouses have surged 141% in the past three months.
Germany’s May crude steel output of 4.1 million mt marked a 1.1% increase on the prior year, as Europe’s largest steel producer snapped back from April’s first monthly annual decline since October 2009, steel industry association Wirtschaftvereinigung Stahl figures show.
Output grew on-month from April’s 3.8 million mt, WV Stahl said in a statement Thursday. For the year to May, output at 19.3 million mt was 2.3% higher on the same period of 2010, it said.