The LME price of copper continues to drift downwards while LME bonded copper stocks marginally increased to £187 kT.
Difficult to know the impact of the Hamas / Israel conflict on the price of copper. I hope that peace makers prevail and that diplomacy takes over before the conflict escalates and spreads to other counties.
Meanwhile the Russia / Ukraine conflict drags on with neither side being able to make a breakthrough or backing down.
China has it’s own problems with real estate deb and subdued export demand.
However, our world still needs to press on with de carbonising which will need many tons of copper.
Metal stockists appear to be willing to hold stock in expectation of increased demand.