London Metal Exchange (LME) warehouses saw 11,200 tonnes of copper arrivals on Tuesday, the largest single-day warranting since June. Inflows have totalled over 35,000 tonnes so far this month but have been largely offset by departures. Headline stocks of 118,000 tonnes are up by only 3,625 tonnes on the end of August. LME inventory remains ultra-low by any historical yardstick, representing just two days’ worth of global usage. But this is not just an LME phenomenon. Registered inventory with both the CME and Shanghai Futures Exchange (ShFE) is also super low and between them the three exchanges hold just 200,000 ... (full story)