Copper prices managed to rebound in early June, although the market seemed unwilling to test new highs. The settlement of Quebrada Blanca was a bearish factor, and talk of further increases to supply help to moderate bullish sentiment. Nevertheless LME stocks continue to drop at a rapid pace (down by a further 52,200 tonnes in June to 553,000 tonnes), and we continue to see this as a reasonably accurate reflection of market fundamentals (although the stock drawdown exceeds our own assessment of the market balance).
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