In Shanghai, copper stockpiles fell to the lowest since February at 204,762 tonnes. “What we are seeing in stocks is supportive for prices. Cancelled warrants remain very strong, on the LME the market is still in steep backwardation and we are also seeing inventory draws,” said Andrey Kryuchenkov, analyst at VTB
Capital. “This has helped copper push through the $8,200 level and the long-term range that we have had since January.”
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