base metal news-Copper prices under pressure amid rising LME stocks

metalbulletin-Copper prices were under pressure during Asia morning trading on Thursday 18 May after stocks at London Metal Exchange warehouses rose considerably on Wednesday, raising concerns that the trend may continue. base metal news The most-traded SHFE copper contract fell 440 yuan ($63.89) per tonne or nearly 1% as of 03:22 BST to 44,950 yuan per tonne.   Open interest of the contract was at around 222,704 positions on Thursday morning. LME copper stocks saw a net increase of 17,100 tonnes to 339,600 tonnes on Wednesday. The three-month copper contract on the LME was down $48 per tonne to $5,563.5 per tonne as of 03:22 BST.   “Another big increase [in LME copper stocks on Wednesday], now it’s time to watch whether [the trend] continues, if it does, then copper prices could fall below $5,500 [per tonne] on the LME,” said Zhang Xi,

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