The amount of available copper stored in the London Metal Exchange’s (LME) warehouse system fell to 21,600 tonnes last week, the lowest level since 2005.
The year 2005 marked the start of an extraordinary six-year rally that was only briefly interrupted by the Global Financial Crisis. The copper price more than tripled over the period, topping out early 2011 at $10,190 per tonne.
What are super-low LME stocks telling us this time around? Is the world really running short of copper to the point there are just over 20,000 tonnes left in LME warehouses? The answer is clearly no.
There is plenty of
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