"Greatest Tightening Shock The Market Has Ever Seen": Chinese Copper Stocks To Run Out In Weeks

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.