Dogboy,
It's really hard to know whats going on short term, but a growing stockpile implies to me that the Chinese certainly are not scooping it up to hoard at bargain prices. I suspect they"ll use their own stockpile to keep a cap on the price, or at least to moderate any spikes. I don't believe the hedgies own the copper show anymore, if they ever did (wasn't oil their preferred toy?).
I'd agree caution, with PNA no longer a ST buy imho. I was happy to do an overdue trimming of my holding at 59.5, but will be riding through with the remainder for the long haul. Not sure copper wont return to $4 in the longer term.
EL
Dogboy,It's really hard to know whats going on short term, but a...
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