Hindustan Copper – Record copper prices and drawdown in LME and SHFE inventory; maintain BUY

With surge in shipments to the US in anticipation of a tariff decision, the global inventory at LME and SHFE has squeezed further. The upswing in prices has more to do with trade dislocations and demand tug-of-war between the USA and China. Since mid of May-26, global copper traders have been consistently withdrawing copper inventories...