China’s imports of unwrought copper have also been trending lower since the sharp recovery from the pandemic amid stimulus spending in the middle of last year.
China sucked in a record 4.67 million tonnes of refined copper last year, making it the single most important physical driver of the pandemic recovery rally.
New report says while copper bulls have been facing “a crisis of confidence”, fundamentals “have been quietly tightening” setting up return to record prices in the near future.