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Bloomberg Commodity News reports that the level of copper inventories has recorded a very large and unexpected increase. All other things equal, what impact will

Bloomberg Commodity News reports that the level of copper inventories has recorded a very large and unexpected increase. All other things equal, what impact will such news have on prices?

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The 6-month copper futures price as a percentage of the spot price stays the same

The copper spot price as a percentage of the 6-month futures price increases

The 6-month copper futures price as a percentage of the spot price declines

Neither of the impacts described in the other statements

The copper futures curve becomes necessarily inverted due to the trading by arbitrageurs

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