FOCUS: LME stock inflows check copper price rally - but don't mention the fundamentals

From coronavirus to spread plays, the copper market is seeing recent London Metal Exchange stock deliveries as driven by anything other than supply and demand.

LME physical stock reporting shows that 74,475 tonnes of copper cathodes were delivered into exchange warehouses globally since Monday January 20. Inflow of 40,125 tonne in Rotterdam on Tuesday was the largest single inflow to the city's sheds in over six years.
The inflows have helped check a rally in the metal's futures price. The LME three-month copper price was recently at $6,135 per tonne, down 2.1% so far this week, having reached an eight-month high of $6,343 per tonne on January 16 and amid gains in other metals such as aluminium and zinc.

But while the inflows, which have raised LME total copper stocks by 55% since the start of the...

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