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Price of copper steady at £5/kg as LME stocks fall

LME bonded Copper stocks fall below 100 kT , way below their usual range of 200 kT to 300 kT.

Traders are either convinced that demand will drop to below supply or that supply will ramp up to exceed demand. it’s interesting to note that the last two dips in copper stocks did not result in a price surge and in both cases supply was ramped up to meet demand.

Will suppliers be able to ramp up production during the Covid-19 pandemic ?

Will South american producers be able to ramp up production during the current drought ?

We live in interesting times.