Copper’s price has dropped 1.7% on the day and is currently at $3.82 on the London Metal Exchange.
Despite this drop in price today, we did get some information that could be a positive sign for coppers future.
Recent reports show that available copper in LME-approved warehouses in London has reached its lowest level since October 2021, which has caused supply concerns.
Data from LME shows that 62.5% of total copper stocks in LME warehouses, or 50,275 metric tons, have been set aside for delivery in the coming weeks.
and as we pointed out in a previous video, copper inventories tend to be more reliable in the LME rather than other metals like nickel and aluminum, which they had trouble keeping track of in the past.
This type of large delivery again has raised concerns about the overall supplies of copper in the LME market, which will most likely end up affecting its price in a positive way.
