Copper has been rallying like crazy in the first part of the year amid a pickup in global growth, Chinese stimulus measures and concerns over tightness in global mine supply. Unfortunately, as it’s often the case, the rally attracted the momentum players, the price got overstretched and we got a big correction to the downside. FT reported that stocks in Shanghai warehouses reached the highest level since 2020 amid tepid demand because of the China’s real estate sector downturn. Given the high prices reached in the last month, manufacturers held off from buying as they had an incentive to run down their stockpiles. FT ... (full story)