SMM: London Metal Exchange (LME) data released on Friday showed that Lun copper stocks fell continuously to 181075 tons, refreshing about a four-month low.
As of July 10, copper inventories continued to recover to a one-month high, with weekly inventories rising more than 20 per cent to 137336 tonnes.
COMEX copper stocks are climbing. Inventories rose to 89146 short tons as of July 10, the highest level since January 25, 2019. Copper inventories on the exchange reached an inflection point in mid-March and have since climbed and are now up about 225 per cent from their previous low of 27404 short tons.
Note: generally speaking, declining stocks in domestic and foreign exchanges will support the futures price, otherwise, it will be bad for the futures price.
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