LME inventories are at 5 year lows - around 7200 t.
SHFE holding just over 1076 t deliverable.
Measured against global mine production of 296,000 t (2014 figures from USGS) it doesn't seem a lot.
About a week's worth in fact.
It is less than half the inventory that was being carried between 2011 and 2014 when prices were bouncing along between 20 to 25 k USD/t
It is less than one third the inventory on hand when the price hit 30 kUSD/t
And still inventories trend down seemingly in lockstep with price. On current trend LME stocks will hit zero within 12 to 18 months - I wonder if the price will respond then?
News: Kasbah Resources has institutional support for $3M share placement, page-33
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