In our Breaking View released earlier today, we discussed MBR's belief that the copper price may well be in for a spike upwards in the near term, with the sell-off of the past couple of weeks now starting to look overdone. The burgeoning Chinese copper stockpile, both in SHFE and bonded warehouses, has come back into sharp focus recently, and there is now more than a little concern that on the back of the yuan devaluation - amongst other factors - financing deals will be unwound and these copper units will start to appear in the export market, thereby reversing the downward trend in LME stocks.
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