If you believe any hidden stockpile numbers coming out of China then I reckon that Santa Claus and The Tooth Fairy can explain it to us. The point about Russian sanctioned supply is certainly interesting though, but I suspect is more pertinent to Al Ti Pt Ni than Cu metal.
The LME is essentially a laughing stock after last year's Ni debacle, it's a manipulated playground for the financialization and derivatives trade and no self respecting purchasing manager of raw materials or fabricators would be foolish enough to rely on LME stock numbers as part of their decision making.
Copper news, page-50
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