Leec, I believe the balance in Fig. 9 includes their estimation for the more opaque Chinese inventories, Shanghai metals exchange, etc. Not sure how this works. I think it's in part, based on reverse engineering total reported production. ANZ are better than most due to their extended presence in AP region...
It was interesting to note LME copper has stabilized in the last quarter.
Agree, and look forward to their next quarterly.
Leec, I believe the balance in Fig. 9 includes their estimation...
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