Copper inventories in LME warehouses have risen 67% so far in March to 123,800 tonnes, their highest since Dec. 16, 2020. Stockpiles of the metal in ShFE warehouses were last at 188,359 tonnes, a high level unseen since September 2020.
The premium of LME cash copper over the three-month contract fell to $11.50 a tonne, its lowest since Feb. 11, suggesting that the nearby supply tightness has eased.