Quarterly, page-37

Big read into a small aberration AB...from Glencore about Copper

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Copper
Similar to other commodity markets, copper has been undermined over the first half by weaker than expected monetary conditions in China. A late Chinese new year and tight credit for importers, exacerbated by the Qingdao inventories scandal, appear to have been the catalyst for the emergence of aggressive and synchronised large-scale short selling across all the major exchanges including, for the first time, significant highly-levered Chinese fund manager activity. These bear fund raids, along with liquidation of commodity basket positions, have materially impacted pricing with short-selling volumes generating significant paper volumes of short-term supply into the market.
While it has at times almost felt like the financial crisis of 2008, any similarities currently end there. Actual supply and demand fundamentals are better than pricing would suggest. Nevertheless, copper demand growth in the first half, though positive, was weaker than the equivalent period in 2014, where demand was buoyed by scrap shortages. Chinese demand growth (including imported copper concentrates) was around 2.5% to 3% over the first six months of 2015, year on year, while North American demand growth has shown improvement.
On the supply side, copper prices have fallen to the point where a growing proportion of miners are struggling. Contemporaneously, production disruptions from weather, power availability, industrial action and technical problems are also starting to become significant, with an estimated 600kt of disruption year to date. These issues are particularly evident in Chile where production is estimated to be near-flat year to date with the prospect of downside risk over the balance of the year increasing, particularly as grade issues become more pervasive."

This is what I would be watching