Quite a few here are much more knowledgeable on the poc, however...

Quite a few here are much more knowledgeable on the poc, however we all seem to be working with clouded crystal balls. Perhaps time for another dedicated thread.

As I posted 26 Nov with poc around 315:

"...As for bubbles, well I think you get some sort of immunity in the vicinity of recent bubbles. On that basis I don't expect to see anything too frothy in base metals for the next couple of years. Perhaps the poc is a bit high atm, perhaps a bit low.

I am not sure that copper ever got into a bubble, and in fact I am intrigued by the possibility that we may get back near the old highs next year. We never spiked up like pon, poz or the poo did. We climbed to $4 and spend an awful long time in the vicinity...."

Trouble is I am still not sure, but looking to me more and more like the current poc is a reflection of the markets recognition that the 06 to 08 poc plateau was the new reality - not a bubble - and that with normality returning that plateau poc is returning. Regardless of a gigantically huge LME inventory of a whole couple of measly weeks consumption.

I think I will worry about bubbles when we see a large 4 handle poc. Or should we be worrying now?

EL