gs has cut copper forcast, page-3

Just checked the 1 and 5 year LME inventory charts and they have broken through some old highs from the GFC era.

Copper dropped to around 1.30lb back in those days. Does this current oversupply/ inventory level mean copper may revisit the $1.30 level again??

I think we could see copper closer to $2 in the near term at least.

Conix may disagree because according to him the Japan rebuild was going to throw copper in such short supply that it was going to push it through the roof...Well that didn't happen...