copper prices still suffering even with Shanghai stockpiles decreasing.
article:
https://www.reuters.com/markets/commodities/chinas-rate-cuts-fail-revive-iron-ore-copper-russell-2024-07-23/snippet:
Copper imports and exports also appear to be responding to market dynamics, with China's arrivals of unwrought metal dropping sharply in June to 436,000 tons, a 15.6% slide from May's 514,000.
This was in response to copper prices rising sharply, with London contracts reaching a record high of $11,104.50 a ton on May 20.
The higher prices effectively closed the arbitrage window for China's traders, and instead of buying copper to add to inventories as they did earlier this year, they have started selling into the global market.
Copper stockpiles monitored by the Shanghai Futures Exchange have started easing from four-year highs, dropping to 309,182 tons in the week to July 19, having declined from the 51-month high of 339,964 in the week to June 7.
