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Copper price steady as stocks fall to crisis point

LME bonded stocks have fallen to 76kT, close to their lowest ever level of 73kT in February this year. How much further can they fall before the price of copper soars again ?

At £7.18 / kg the price of copper is still in the range of where it has been since May this year.

New Covid variants and continuing supply chain issues are still preventing the copper market from operating smoothly, which increases the risk of delayed overreaction by the markets.