Normal
Despite copper's price decline, there is not a great deal available in warehouses. Here's SFE:[ATTACH=full]142640[/ATTACH]And here's LME's:[ATTACH=full]142641[/ATTACH]Add that to Comex warehousings and there's less than 180k tonnes of copper spare, which is exceptionally tight and less than was available at end December 2021.New mine supply is certainly coming online this year, but it has been countered by increasing usage. And continuing to confound us is the Russian situation, so it won't take much for copper to be squeezed north again.
Despite copper's price decline, there is not a great deal available in warehouses. Here's SFE:
[ATTACH=full]142640[/ATTACH]
And here's LME's:
[ATTACH=full]142641[/ATTACH]
Add that to Comex warehousings and there's less than 180k tonnes of copper spare, which is exceptionally tight and less than was available at end December 2021.
New mine supply is certainly coming online this year, but it has been countered by increasing usage. And continuing to confound us is the Russian situation, so it won't take much for copper to be squeezed north again.
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