Comex silver stocks hit highest in at least 10 years
Silver stockpiles in Comex-monitored warehouses rose to their highest level in at least 10 years, showing near-term supply of the metal is plentiful as mine output holds at record levels and the global economic recovery struggles for traction.
The U.S silver stocks held at the five exchange-approved depositories stood at 141.59 million ounces on Friday, the highest since Reuters data first compiled in 2002. They were up from 140.6 million ounces the previous day and 102.65 million ounces a year ago.
That figure reflects both registered stocks - material covered by an ownership title - and eligible stocks at warehouses monitored by Comex.
A spokesman at U.S. exchange operator CME Group, which owns COMEX, said the all-time high for COMEX silver stocks was 284.28 million ounces on March 16, 1992.
London copper holds under $8,000, capped by demand fears
London copper ducked below $8,000 a tonne again on Tuesday after closing the two previous sessions below this level, as fears over easing global demand weighed on the market. Sentiment remains fragile over slowing growth in China, which consumes 40 percent of the world's copper, and rising Spanish and Italian debt costs, which threaten to spark a new phase in the eurozone debt crisis.
This was despite Monday's strong retail sales data out of the United States, which suggested that economic growth in the first quarter was probably not as weak as many had feared.
Three-month copper on the London Metal Exchange ticked down 0.1 percent to $7,973 a tonne by 0112 GMT, hovering near a three-month low. It ended the prior session 0.1 percent lower.
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