LME copper stocks have dropped below 500 KT; almost 30% decline since June top. World daily copper consumption is about 50 KT. Another 30% down in warehouse stocks and “peak copper” articles could appear again, like they were common 5-6 years ago.
The more significant number is tons on live warrants. Cancelled warrants may be physically removed as soon as the slow warehouses can bring it to the loading docks.
The LME website shows, total, cancelled and live tons.