In response to your paragraph on supply in China re:

On Friday, copper inventory in LME warehouses came down by 825 tonnes to 1.17 lakh tonnes, just enough for two days of world consumption. The inventory holding has shrunk over 40 per cent since January. However, in China, the largest consumer of copper, it is piling up. Shanghai Futures Exchange accredited warehouses report a 200 per cent jump in warehouse holdings to 61,233 tonnes.

Copper stockpiles monitored by the London Metals Exchange (LME) declined by a further 2,750 tonnes to stand at 112,500 tonnes, heightening supply tightness fears following an 18 percent drop in Shanghai inventories last week. Copper stocks at the Shanghai Futures Exchange (SHFE) fell by 12,217 tonnes to 55,607 tonnes in the week to March 28.

Cheers