I wouldn't believe anything that comes out of the LME, even if the LME told me it was Tuesday on a Tuesday I would still go and check a calendar. Similarly any stocks and supply numbers out of China should be treated with even more caution, statistics out of China only bear a passing resemblance to reality.
Market pricing all metals and commodities as all the world will stop needing metals and energy in the "Trump slump", if you believe everything that Trump says he is going to do, then everything promised is inflationary for the entire world, and in a world of inflation the price of real hard physical things has to go up because the input costs of making them also goes up, reshoring or onshoring industry out of China fuels inflation and increases demand for metal concentrates wherever you make them, and especially if you whack tariffs on everything.
Historic money printing/currency debasement since the GFC, trade and tariff wars, underinvestment in resources, outsourcing of most dowstream smelting and manufacturing to China, fuel and energy shortages, epic government spending and larger government debt, you couldn't ask for a better environment to turbocharge inflation in the future (except maybe a war or some labour shortages - they are the only two things missing from this proposed festival of inflation, that could make Covid look like a teddy bears picnic.).
MLX Price at posting:
43.5¢ Sentiment: Hold Disclosure: Held
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