a sinking ship!, page-8

Headline stocks tell half the story. 157,000t of copper is on backorder. That's high for the last year or so, so demand is picking up and is still moderately strong. There is a risk that gold could lose support again and fall to $1200 but it's a bit like Apple products. Plenty of people are still waiting in line to buy at high prices. If you can hang to your OZL stocks until September, you will benefit from a recovery then.

This an excerpt from the Economist (they have been very accurate) about the outlook for copper.

Prices will move sideways in the middle quarters of 2013 before staging a recovery in the final quarter, when we expect demand to accelerate and the surplus built up during the year, which will have been relatively small, to be held in warehouses and unavailable to consumers. A recovery in global demand will carry this upward momentum into 2014.