Short cover mathStrike my former post. I even used a calculator. At today copper price, it would only cost shorters one or two billion. That is pocket change for those guys. They got 10% covered. That drove lme price up to comex. They need another 100 thousand tonnes of physical to get the short long paper balanced.
That should drive prices up another 10% to5.75.
Then it becomes a paper battle, how much the longs will accept from the shorts. As physical inventory drops, price goes up. So shorts have a couple months to buy 100 thousand more tonnes of physical copper and 700 thousand tonnes on paper.
I expect at least 10.00 a pound copper by Sept.
By then, it should have cost shorters around 10 to 20 billion.