Metal trader friends have suggested that there is no real shortage of copper currently and the LME drawdown reflects the shipping arbitrage out of Chile-cheaper to take supply from LME in Singapore and current Shanghai warehouses than pay pan Pacific freight costs.
Question is when will the supply side have yet another hiccup vrs historical northern summer destocking.
Judging from last night's copper price the futures players are starting to realise the market is in balance-not short?
Cheers,TAS
stockpiles down, page-5
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