LME copper stocks rose by 12,125 tonnes or 3.5% to 362,575 tonnes last week, as the backwardation created by a dominant warrant holder’s squeeze finally succeeded in drawing metal on to warrant. Before last week, total LME stocks had fallen for the previous 42 weeks – a remarkable unbroken run that stretched back to February. This long downtrend was the most visible measure of the tightness and underlying supply deficit in the copper market, and so was an important factor supporting the upward trend in prices.
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