Copper was down by 0.6% in the yesterday`s trading session at the LME platform.

Copper stockpiles in the warehouses monitored by LME continue to broadly decline and are currently at the lowest levels since March 2012. International copper market backwardation has narrowed down from $64.50 to $36.50 indicating a decrease in spot demand for immediate delivery.

We recommend selling Copper from the higher levels as the commodity might take negative cues from the weak manufacturing data from China and also on concerns that the demand for the red metal might slow down from the world’s largest consumer of the industrial metals. Backwardation in copper has narrowed down from $64.50 to $36.50, indicating a decrease in spot demand for the meta.