The 2nd Quarter..MRE, page-8

This is part of an article on line from AFR which mentions copper, zinc, Aluminium, nickel. lead and tin. An extract is below for copper.

LME metal inventories plunge to critical levels
Inventories of base metals in London Metal Exchange warehouses have plummeted to critically low levels, sparking fresh concerns of a spike in prices that would leave physical commodity markets vulnerable to a short squeeze.

Copper ‘sleepwalking' to stock out

Goldman Sachs, meanwhile, has warned that copper inventories are at risk of being wiped out entirely, a probability which analysts say is not being reflected in the metal’s price.
“In the past six months, we have become increasingly concerned of a stock-out episode in the copper market as forward fundamentals have tightened even as price action has remained muted,” said Nicholas Snowdon, metals strategist at Goldman.
“Without any apparent softening adjustments already underway, we believe higher prices are an inevitability – required to stimulate substantially more scrap supply as well as accelerate demand destruction to balance this market.
”The broker increased its forecast deficit in refined copper this year to 374,000 tonnes, double its previous estimate, which would be enough to deplete visible stocks by the fourth quarter.
Goldman also lifted its deficit projections for 2023 to 161,000 tonnes, from 28,000 tonnes previously, and 366,000 tonnes in 2024, from a prior forecast of 187,000.