Copper Warehouse Imbalances
Warehouse inventories of refined copper are surging in Shanghai and LME, but remain extremely tight in the CME. The reason is likely embargoes and sanctions against certain Chinese and Russian producers and their brands.
The excess inventories in London and Shanghai are not easility reaching the US trading market and effect of preventing free movement of all inventory.
It remains to be seen what effect these stockpiles in the LME and Shanghai warehouses will have on the spot market. Mid-term price curves remain tilted up.
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