J6, t/o could certainly explain the huge absorption of supply...

J6, t/o could certainly explain the huge absorption of supply we've seen in the background. Something prompted money to move in at 18c going back to August, and it didn't smell right that this would be in anticipation of the first pour - that's really a non-event in terms of moving the SP. And moving to producer has its own massively inherent risks, so it is a little odd that we're seeing accumulation right now when SBM are most susceptible to risk as a producer-cum-lately.

Certainly an interesting one to ponder. Might explain some things.