looking at the LME copper warehouse levels through 2018, it peaked at 388,000tonne in March 2018, but hit as low as 119,000 tonnes towards the end of the year. That is 270,000 deficit just looking at that range. We also started 2018 around 290,000tonnes. 2019 has started at around 120,000tonnes.
Just do the math if similar supply/demand cycles play out in 2019, and how warehouse levels could look at some stages. I.e. Zero stock levels??
Who can't be bearish on copper price if that scenario starts to unfold... Demand started to ramp up March/April last year with supply never catching up until Christmas.
