Not too long ago, we reported that China was stockpiling virtually every form of commodity known to man, from corn to crude and corn... and especially copper: according to a JPMorgan report in early 2022, China held an estimated 84% of all global copper.
China currently holds an estimated 84% of global copper, 70% of corn, 51% of wheat, 40% of soybeans, 26% of crude oil and 22% of aluminum inventories: JPM
— zerohedge (@zerohedge) February 23, 2022
Fast forward three years, when Geneva-based commodities trading giant Mercuria now predicts that China's copper stockpiles are on track to dwindle to nothing in just a few months - if not weeks - as the market suffers “one of the greatest tightening shocks” in its history, as unprecedented demand from both the US and China, a surge in a trans-Atlantic arb trade, and mounting fears of US tariffs, unleash havoc in the copper market.
