Copper prices continue to be battered by some fairly stiff headwinds, and havebeen gradually eroded even further over the past week. All is not lost yet thoughwith positive takeaways to be had from the fact that the copper cash to threemonthcontango has tightened notably in the past couple of weeks, dominantholders have returned, premiums are robust in China, stocks are also falling in thecountry, TC/RCs remain under pressure and mine supply globally is struggling amiddisruptions, shutdowns, shortfalls and guidance downgrades. But while broadercommodity market sentiment remains so downbeat, these supportive (evenbullish) factors relating specifically to copper are being overlooked. They shouldunderpin a decent price recovery when the market has calmed down enough tonotice.
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