Copper stockpiles in Shanghai Futures Exchange warehouses have grown to their highest level since 2020 following a price hike and tepid demand, said the Financial Times. Citing Bloomberg data, the newspaper said on June 18 that stockpiles totalled 330,000 tons this month. The last time stockpiles of the metal hit this level was in 2015, it said. Zhang Jiefu, senior analyst at Zhengxin Futures, said the excess metal “simply cannot be consumed”, adding that wire and cable manufacturers are under “tremendous pressure” because of the downturn in China’s real estate sector. The build-up of copper inventories highlights ... (full story)