Chinese copper stockpiles plummeted to their lowest level this year during the latest reporting week, marking the most significant weekly decline observed so far in 2024. Mysteel Global data reveals this sharp drop occurred alongside a rapid fall in copper prices, a trend analysts attribute directly to the ongoing conflict in Iran. The surge in demand from China's manufacturing sector, particularly for construction and electronics, appears to be absorbing the excess supply flooding the market. This dynamic suggests the price correction is effectively stimulating buying activity, potentially signaling a bottoming out of the recent downturn.