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Copper Inventories in Shanghai Expand to Biggest in Five Years

By Glenys Sim

Nov. 6 (Bloomberg) -- Shanghai copper stockpiles climbed for a second week to the highest in more than five years, the Shanghai Futures Exchange said in a report on its Web site.

Inventories of the metal expanded 1,440 metric tons, or 1.4 percent, to 104,275 tons this week, based on a survey of five warehouses monitored by the exchange. This is the highest level since April 2004.

Stockpiles of aluminum increased for a fourth week, by 10,983 tons to 272,618 tons, the highest since at least 2003, based on a survey of 11 warehouses in Shanghai, Guangdong, Wuxi and Hangzhou, the exchange said.

Zinc stockpiles expanded for a second week, by 8,311 tons to 153,847 tons, based on a survey of seven warehouses in Shanghai, Guangdong and Hangzhou, according to the report today. This is the highest level since the exchange started trading zinc futures in April 2007.

Rubber inventories increased 3,784 tons to 120,697 tons, based on a survey of 10 warehouses in Shanghai, Shandong, Yunnan, Hainan and Tianjin, the exchange said.

To contact the reporter on this story: Glenys Sim in Singapore at Gsim4@bloomberg.net

Last Updated: November 6, 2009 03:13 EST

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