And since China consumes 50% of world production then those Chinese "stockpiles" represent 2.3% of their annual consumption.  They don't seem to keep really massive stockpiles. 

I don't think this stockpile report gives us much visibility on the price of copper 6, 12, 18 months from now.  The copper consumption trend and middle class expansion in India (most populated country now) is probably an equally, or more, important forecaster.   

By all accounts, World copper demand growth will be unstoppable and irreversable and it is set to accelerate in an electrify-everything world. Add to everything we already knew about future demand AI will be everywhere and it too requires immense amounts of energy fed to it.

Can World copper supply growth keep up?  I don't hear anyone saying "Absolutely!".  IMO the price of copper has nowhere to go but UP.