The price of copper has dropped back to £4.94/kg as global trade continues to suffer from Covid-19 related lock downs but LME stocks dropped further to 127 kT.
In normal supply and demand conditions stock levels approaching all time lows would prompt a surge in the price of copper but with the 3 month price of copper also dropping traders clearly believe that supply side is responding to the stock shortage and do not want to be left holding high priced stocks.
The price of copper is not likely to fall further until there is evidence of stocks recovering.
