LME copper fell sharply after the Shanghai close on Aug. 19. Early trade hovered
around $13,960/t, briefly topping $13,980/t before collapsing below $13,900/t to
an intraday low near $13,880/t. LME inventories rose to 235,975 t, up 12,425 t
versus the previous session (inflows 17,000 t, outflows 4,575 t). Canceled
warrants dropped to 77,225 t, down 18,650 t, lowering the canceled-warrant ratio
to 32.73%. The simultaneous rise in LME stocks and decline in canceled warrants
implies more exchange-deliverable supply, exerting pressure on high copper
prices; market focus remains on inventory flows and high-price positioning.
