Copper prices are moving back up and LME Copper stocks continue to fall.
Goldman and Sachs cotinue say Cu is surplus even theough Cu stocks have declined by 60% and are at 5 year low. Copper stocks were 600,000 tons this time last year and now the LME Cu stocks stand at 157,000 and there are 42,000 tonnes of cancelled warrants.
BUT Goldman and Sachs says that there will be a "350,000-500,000 mt in surplus over 2014-2015"
I wonder where they get their information. Looks to me that there has been a 350,000 -400,000 tonne deficit judging from the rate of drawdown over the last 12 months.
Copper market surplus likely in 2014-15, price heading for $6,600/mt: Goldman
