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Shanghai copper inventories

Want to know which way copper is heading? Look at these charts:

Physical copper supply is tighter than a mallard’s sphincter in Shanghai this weekend, they are down to a historic low of 44,629 metric tonnes in stock and it will only get worse from now to December. China’s dumping tonnages from its strategic stockpile is all about this, they’re not trying to depress the price any longer, just trying to stop it from going to $5/lb immediately. Instead, it gets there in 2022 and buying copper producers is still the same great idea it was earlier in the week.

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