The price of copper appears to be stabalising at £7/kg after fluctuating between £6.6/kg and £7.8kg but LME bonded stocks continue to rise from 100kt to over 300 kT in the last 3 months, which is the highest stocks have been in the last 5 years.
Unless demand picks up to balance supply and demand the price of copper has to fall further as distributors run out of space and cash to store copper.
This is putting copper producers in a difficult position as costs rise and pressure increases to cancel new capacity projects and shut down less productive sites.