Ann: QUARTERLY ACTIVITIES REPORT - SEPTEMBER QTR 2018, page-5

I have never seen copper stocks on the LME so low. The cancelled warrants stand around 80,000 tonnes leaving just 66,350 tonnes of Live warrants. ( Cu that hasn't be already sold).
Inventories of copper in LME approved warehouses at 143,125 tonnes are down more than 60 percent since the 2018 peak near 390,000 tonnes. The problem is compounded by cancelled warrants -- metal earmarked for delivery -- at nearly 54 percent of total stocks and a large holding of copper warrants between 50 and 79 percent.
If copper stocks continue to slip then we're about to see some bullish reaction and therefore rising Cu prices.
Watch the Cu stocks we might see some action shortly.