Copper inventories on the Shanghai Futures Exchange fell 13% to 73,423 tonnes on Friday to the lowest level since December, ING's commodity experts Ewa Manthey and Warren Patterson note.
"The drawdown in inventories follows Chinese Customs data released earlier this month, which showed imports of refined copper jumped 15% in June from the previous month. In other metals, inventories of aluminium and zinc both increased, up 6.4% to 115,790 tonnes and 8.8% to 59,419 tonnes, respectively."