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Copper melt up expected. Glencore Mount Isa.
After a brief but glorious spike above $5 a pound, or $11,000 a tonne one month ago, copper prices have retreated, with New York futures trading either side of the $4.70 a pound ($10,362 a tonne) mark.
The record intraday high set March 7 came on the back of historically low global inventories of the bellwether metal and in a research report released on Thursday, Goldman Sachs said copper is “sleepwalking towards a stockout”.
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