Bonded copper inventories drop to 490,000 tons

Copper stockpiles in bonded warehouses in China have dropped to about 490,000 metric tons from 650,000 tons in April, Goldman Sachs Group Inc said.

The global copper market is "broadly balanced", and a Goldman Sachs indicator of China's home appliance and auto copper consumption showed a 7 percent jump in May over a year earlier, the bank said in a report.

Demand outside of China turned positive in March for the first time since July 2011, it said.

Agencies - China Daily