J.P. Morgan: Global copper inventories have doubled, short-term copper prices may face consolidation.

Global copper inventories doubled to a million tons in one year, reaching a five-year high. In the fourth quarter, global supply disruptions occurred in mines, but inventories continued to rise, indicating relatively weakened demand. In terms of high-frequency indicators, net speculative positions on the London Metal Exchange began to decline, and the number of canceled warrants also decreased, indicating that investor sentiment is becoming more cautious. JPMorgan Chase believes that copper prices will be under pressure around $12,000 per ton in the short term, and they are waiting for demand signals in the second quarter.