March 3 (Bloomberg) -- Chinese state stockpiling of copper may mean the withdrawal of about a quarter of the metal held in warehouses monitored by the London Metal Exchange, commodity hedge fund Ebullio Capital Management LLP said.
About 100,000 to 150,000 metric tons of LME-monitored copper will probably go to China in the next three months, Managing Director Lars Steffensen said in an interview yesterday. LME- tracked copper earmarked for withdrawal tripled in a week to 55,025 tons, or 11 percent of total exchange inventory.
“The Chinese aren’t going to buy gold -- they’re going to buy copper and other industrial metals for all the construction projects they have over the next few years,” said Steffensen, whose fund returned 25 percent from its start in July through January. “Copper will go to China, not the U.S. or Europe.”
Copper prices advanced for six consecutive years through 2007 as China overtook the U.S. as the world’s biggest user of the metal. Copper tumbled 54 percent last year as Japan, Europe and the U.S. fell into simultaneous recessions. more...
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