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LONDON (Scrap Monster): Inventories of copper stored in warehouses affiliated with the Shanghai Futures Exchange are now at the highest level in a decade, said Barclays Capital in a research note.

“Copper stocks rose 18.9Kt to the highest in 10 years, signaling the surplus in spot supply, which has resulted in stocking at merchants and on exchange,” the bank said.

“How strongly end-use demand recovers as semi-fabricator production is ramped up will determine the impact this stock will have on refined imports over the coming quarter. The slower and softer, the recovery the longer imports could remain weak. We understand that some Chinese fabricators have begun to raise utilization rates though sentiment, especially amongst the export community, remains very cautious,” Barclays added.

SHFE inventories now stand at 217,142 metric tons, the most since mid-2002. London Metal Exchange stocks, however, are at their lowest level in 2 ½ years at 306,375 tons.