Copper Cancelled Warrants Up in Asia +7300t Overnight. Yesterday we noted that copper inventories in Asia (particularly LME Asia) are nearing 5 year lows and the boost to cancelled warrants indicates LME Asia inventories are heading even lower. Note there is only 36,825t in LME Asia at present. Copper Premiums in China continue to hold up ($110 to $135/t) despite we are on the forefront of a long Holiday period. China always slows down before the Chinese New Year and in 2012 it is the earliest it has been/or will be for the next decade. So the slowness you would normally see in January is happening this year around now. Very interesting to see Copper fundamentals hold up despite this – Scotia Mining Sales thinks February will prove to be a key month that should translate to a pick-up in seasonal copper demand and given the low inventories – a looming supply squeeze should translate to higher copper prices.