something's not right....again!
at least for us amateurs...
From Page 4 of the Rio's first half earnings report......
"Recent supply increases from new copper mines has moved the copper market into surplus"...
And from *****,look at the LME copper stock chart,as well as the lack of price correlation to the stock levels....
http://www.*****net.com/charts/metals/base/lme-warehouse-copper-5y.gif
http://www.*****net.com/charts/metals/base/spot-copper-5y.gif
My take....
The LME copper stockpiles don't mean much anymore....It'd the Chinese/Asian stocks that are important.
The conclusion......how many more charts and figures from the West are as important these days?
Moral Compass - Friday, page-10
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