IKN

Copper inventories at the SHFE should be building this time of year, instead…

…they’ve dipped back down to just 102,055 metric tonnes as at this Friday. This has never happened before at this time of year, the seasonality in this chart is scary. A clear tell on the real state of supply to the user of 55% of all the copper produced in the world, this market is as tight as a mallard’s sphincter and sometimes, even in our modern world, plain vanilla Adam Smith 101 economic theory matters most.