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Good point James,

Indeed LME levels are approaching the 550,000 level seen in Feb 2010 and Feb 2009.

In both cases we saw sharp rapid reversals in warehouse levels, lets see what happens this time....

I dont think the moderization of China and India is done for just yet, so maybe a hurdle for the short term?

Signs of life in the USA economy now, China will ensure its growth remains at forecast levels. India? They have power supply issues but wishful thinking that they would sort out their electrical generation and distribution network in the short term.