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Copper price steady as Stocks start to recover.

The price of copper is holding at £ 6.57 / kg as LME stocks recover to 114 kT, the first time they have been over 100 kT since January.

The copper supply chain are clearly maximising output to take advantage of the current historic high in the price of copper while demand has been cooled by the continuing impact of Covid on the global economy.

I expect the price of copper to stay high until stocks reach 150 kT and then to fall back to £5 kg as speculators unload there positions.