China's copper stash at record amid Goldman's bearish call

Shanghai

COPPER inventories in Shanghai are on the verge of a record amid gains that Goldman Sachs Group Inc sees persisting for the next two years.

Stockpiles held in warehouses monitored by the Shanghai Futures Exchange has more than doubled since the start of the year to 241,616 tonnes last week, the highest level since a high of 247,591 tonnes in March 2013. Copper demand growth will slow to 4 per cent this year from 5.5 per cent in 2014, according to CRU Group, a researcher. It has averaged 12.3 per cent since 2000.