“Copper fell for the second time in three days as imports dropped to a 20-month low in China, the world’s largest user, and exchange inventories increased.

Inbound Chinese shipments of refined metal, alloy and products were 298,102 metric tons last month, down 38 percent from a year earlier, customs figures showed today. Global inventories monitored by exchanges in London, New York and Shanghai climbed to 803,128 tons today, rising above 800,000 for the first time since December 2003.”

See: Copper slips as China imports decline.

Chart source: Cory Venable, CMT, Venable Park Investment Counsel Inc.