With LME copper hovering just under $3.00 for the last couple of weeks, we are hearing from all the usual outspoken sources that the bulls are prevailing with respect to copper’s near-term outlook. However, it is worth noting that in spite of the tenuousness of copper’s recent rise (or perhaps because of it), LME inventories have been consistently rising since early July. Right now these stocks have risen to just under 300,000 metric tons; this is not enough in terms of volume (LME volume is between 1 to 5 million metric tons daily) to cause immediate concern. However, we will be keeping a keen eye on inventory levels as things continue to sort out in the equity and commodity markets.