The LME has succeeded at bringing stability to the price of copper, but how long will that be maintained as stock levels continue to drop ?
To what extent is the demand for and price of copper being driven by the Climate summit in the next couple of weeks ? Will there be trillions of dollars of investment pledged to reduce carbon emissions, most of which will require copper, or will the summit degenerate into arguments between developing countries, polluters and investors ?
Until the dust settles from COP26 we are not going to know how much will be invested in cutting CO2 emissions or the timeline. Expect the price of copper to react to each announcement and I hope that the LME will be able to smooth the rate of change.