Since late November copper prices have been pegged to $4,500/tonne, and despite a lunge lower in early January and a bid to push a little higher in early February, $4,500/tonne is still having a magnetic pull on prices. Producers inside and outside of China have trimmed production, the scrap market is tightening, LME stocks are rapidly heading for the 200,000 tonne mark, but prices are stubbornly refusing to shift upwards.
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