Yes about the LME stock piles I have also read a few articles now also stating that roughly the world consumption of copper is 50,000 metric tons a day also, there for the stock pile is only about 8 to 9 days worth which to me doesn't seem like a huge about... but I maybe be totally wrong here, Wish there was a way we could get some real clear clarification on the issue.
"With copper consumed at a rate of about 50k metric tons per day, the realization of such a minuscule supply held by the world’s premier nonferrous metals exchange had a resounding effect on the entire industry. Traders watch these LME levels very carefully. And as seen by the clear inverse correlation, they traded copper accordingly."
Link in full. http://www.zealllc.com/2009/coppmarch.htm
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PNA Price at posting:
$2.83 Sentiment: ST Buy Disclosure: Held
