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Copper under pressure – Stockpiles hit a high

Copper under pressure – LME copper stockpiles have hit a 10 month high, most likely due to excess supply moving out of china and into warehouses; Commerzbank said in a report.

Hedge funds moved to a net short position for the week of Aug. 23 of 4991 futures and options contracts, according to the US CFTC weekly report. Hedge funds held a net long position of 2237 the previous week. China’s imports of refined copper fell in July to the least amount in 17 months; meanwhile exports grew five-fold from a year earlier.

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