#LME#copper stocks this morning fell to 143,125t, just north of the 141kt lows from April 2016 and Aug 2014. Prior to this you would need to go back to July 2008 to see lower levels. #DeePerera#LondonClose
#Copper global inventory now at multi-year lows. #LME on-warrant stocks dip to 80.9kt, lowest since Dec 2005. Cancelled material is exiting the warehouses. Curve stops reflecting the tightness & starts regulating near-term demand. #DeePerera#LondonClose#metals
Sharp rally in base #metals today with #Copper & #Nickel in the spotlight rising 4.6% and 5.0% by close, although most metals made session highs on lates. Follows reports of China plans to cut tariff rates on imports & further reducing VAT. #DeePerera#LondonClose
#LME#Copper on-warrant stocks have tumbled 36kt (-47.6%) to 39.8kt, a low not seen since 2005. Flat price rallies to $6471. A sharp turnaround in the last hour sees the #SHFE comp rally to levels not seen since the last week of Sep. #AlMunro#LondonReport#commodities#metals
#Copper appeared to takes it cue from the #USD for much of the day, then reports out from #Codelco of being almost sold out of the #metal on strong demand. Settled nr session highs at $6292 (+1.8%). #DeePerera#LondonClose
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Speculators trimmed their net long positions across the main #LME base metals, except for #Tin, over the past week through Thursday, according to our #Nanolytics data. The net long in #Copper was erased.
#Copper is the only metal not to have traded back beneath its closing level of last night following a strong Comex bid right from the open whilst the rest of the metals have chopped either side of last nights closes. #MattFrance#AsiaReport#SHFE
#Copper is the only #metal to breach 24hr trading range, pushing above yday's highs triggering some decent Western short covering with the current highs having been made during the lower liquidity #SHFE lunch break. #MattFrance#AsiaReport#metals