Very unusual for price and stocks to fall at the same time, indicates the pressure on commodities of the USA trade wars.
Copper price fell to level not seen since last September ove increasing concern about impact on global economy of USA tariffs.
Copper LME up nearly 10% over the last week to a value not seen since 2011.
Stable stock levels indicate that this is not caused by demand / supply issues.
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A big increase in copper stocks causes a corresponding drop in the LME value of copper.
The LME value is now back to where it was last November but with stocks back to where they were last May there is probably further falls ahead for LME value.
Continuing copper shortages have pushed the price of copper back to where it was last August.
Political issues, wage disputes and environmental issues have combined to cause persistent supply issues so I expect the price of copper to carry on increasing until supply catches up.
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For now the market seems to be in balance, supply matches demand. The mining companies will be happy with this price and talking up the impact of electric cars on future copper demand. However, that demand is still some way off and in the mean time there seems to be enough copper reaching the market to meet existing requirements.
Copper price and stock levels back to where they were in July, although some of that is exchange rate movements.
My outlook for copper is steadily falling price to £ 4 / kg.