cant agree, tufftech
stockpiling sops up the oversupply - which is why someone the other day posted china has a record 466Mt of steel stockpiled currently
everything sells if the price is low enough.
does not mean the market is in balance or undersupplied. just means that - because steel once made is storable for years - same with copper - people buy it on layaway.
pull the lme copper stockpile chart for 5 years and youll see we're still not yet at the lows of 2013
the prices are fallign because producers have given buyer the whip hand. you can call it perception - but its economics wrapped in perception
game theory talks a lot about this
its why bhp and rio were wrong to try and drive the market down through $110/t in my view - theyve completley reset long term cost and earnings profile for the industry needlessly
rising usd has been a big part too though - but they knew that
Is BHP the First Aussie Co to Lose $100B in Value, page-27
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Last
$43.40 |
Change
0.410(0.95%) |
Mkt cap ! $220.2B | |||
| Open | High | Low | Value | Volume |
| $43.52 | $44.03 | $43.40 | $362.0M | 8.304M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 14238 | $43.39 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $43.44 | 25000 | 3 |
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| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| BHP (ASX) Chart |