it would be interesting to get the complete picture on copper. i think the fact that the LME stockpile is at near record levels says a lot - doesn't really matter how much is consumed in an average day based on historical stockpile data.
it also has to be remembered that this is a stockpile we are talking about - is there a possibility that a lot of copper is sent direct for consumption without ever making it to a stockpile? in which case those in the know might reason that a 9 day stockpile at the "secret" rate of consumption is nowhere near enough at this particular point in time. the price of copper continues to defy gravity and fundamentals so you'd be crazy not to hitch your wagon to it but care needs to be exercised.
some crazy trading again on PNA today, surprised to see it finish flat when i thought 58-585 might have been on the cards.
PNA Price at posting:
$2.83 Sentiment: Buy Disclosure: Held
