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London, October 28: Dealers said that the London Metal Exchange (LME) copper futures may be under pressure due to the sharp increase in copper stocks on the Shanghai Futures Exchange.
The Shanghai Futures Exchange said after the close of the market that copper stocks soared by 14,485 tons to 47,350 tons in the week ending Thursday.
"This is the market does not want to see the trend, because people are going to participate in the LME conference." Adams, an analyst at BaseMetal.com, said.
At 0729 GMT, the three-month copper was at 3,880/85 and closed at 3,904 yesterday.
Industry sources said that it is believed that the National Reserve Bureau sent 20,000 tons of copper stock to Shanghai Futures Exchange this week.
"If this is a one-off increase in inventory, the market may get rid of its impact, but if this is the beginning of an increase in inventory, the market will be affected." Adams said.
However, some traders said that copper prices may rise in the mid-term after the break.
On Thursday, LME copper stocks fell by 1,050 tons to 61,775 tons.
Three-month aluminum was quoted at 1,954/1,957 U.S. dollars per tonne, down from Thursday's closing price of 1,960.
Traders said that people will buy at a level near 1,950 and sell at a level of 1,980.