Hello everybody,
China made some interventions to spice up their financial system, however imo traders are too optimistic on the end result within the brief time period.
This perhaps offers a brief time period improve in copper demand, however it will likely be brief lived imo.
And within the meantime the copper inventories are nonetheless very excessive as we speak.
Supply: https://stenoresearch.com/macro-nugget-chinese-copper-stock-continuing-to-baffle/
The LME copper shares are additionally very excessive in comparison with earlier months and years: https://www.westmetall.com/en/markdaten.php?motion=desk&discipline=LME_Cu_cash
Quickly or later professionel traders that elevated their bodily copper holdings in This autumn 2023 till August 2024, will begin to promote that copper once more to get money.
Money to repay JPY loans perhaps?
My publish of a month in the past: https://www.reddit.com/r/Commodities/feedback/1ew068o/im_bearish_on_copper_for_2h2024_early2025_but/
I'm strongly bullish for copper within the Long run, as a result of the long run demand of copper is large, whereas there aren't that a lot new massive copper tasks able to develop into a mine in coming years
This isn't monetary recommendation. Please do your individual due diligence earlier than investing
Cheers
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