LME copper warehouse storage number has dropped below 400 KTons. It equals roughly to 8-day world consumption. Certainly, it is not the only storage in the world, but still LME number is the most authoritative source in this respect.
This number dropped from summer peak reached in June, at about 680; about 40% drop so far and it went down steadily. I would expect that “magical” border sign exists around the point when LME number equals to 1-week consumption, i.e. about 350. Hopefully, it will be reached soon enough. Below this point, one may expect panic articles about “peak copper” and real help to copper equities.