The three-month copper price plummeted to a two-month low yesterday but recovered $30.50 per tonne this morning.
“Copper fell […] after data showed a sharp rise in stockpiles. Both the LME and Shanghai Exchange saw volumes of deliverable metal rise. Reports that there are further inflows coming saw traders head for the exits,” ANZ Research noted.
The inflow of copper stocks was just 1,125 tonnes this morning compared with over 10,000 tonnes yesterday which weakened prices.