Copper at 3,73$ per pound now, HGO perspectives have changed a...

Copper at 3,73$ per pound now, HGO perspectives have changed a bit.
"Copper futures fell toward the $3.8 per pound mark in May, the lowest four months, as signs of increasingly low demand outweighed evidence of tight supply. Economic data continually suggests that the reopening of the Chinese economy has not lived up to expectations of a sharper recovery, underscored by April PMI figures unexpectedly contracting. Consequently, low industrial demand drove the world’s second-largest economy to import 407,294 tonnes of copper during the period, a 12.5% reduction compared to the corresponding period of the previous year.
Still, tight supplies pinned copper prices to hover slightly higher year to date, significantly outperforming other base metals. Copper inventories at the Shanghai Futures Exchange fell to under 135 thousand tonnes, the lowest this year, and those at the London Metal Exchange were under 60 thousand tonnes, the lowest since 2005. Also, Chile said this year's output is estimated to sink as much as 7% after the 10.6% decline in 2022."