"A rise of nearly 25 percent in copper stocks since early
July has been troubling investors, who are wary of a correction
in the price, which rose to an 11-month high at the end of
"When you break down the rises, most of them come from
warehouses in Asia. There's no demand and Chinese are not buying
and the open interest has completely tumbled at the end of
August," said Andrey Kryuchenkov, analyst at VTB Capital.
In a sign demand remains sluggish, the premium for copper
ready for use is now around $32.50 a tonne versus the usual
premium of $80-$100, said a trader in Shanghai who expects
demand to pick up from November for the end-of-year surge.