IKN

More matter with less art

Chart of the day is…

…China’s copper exports, monthly, to May’12:

The chart comes from this most excellent Andy Home (Reuters top sog on base metals) article today. Full of though-provoking ideas and observations about copper. To whet your appetite, here’s how it starts…

LONDON, June 26 (Reuters) – For a market that is supposed to be in chronic shortfall, there has been a lot of copper on the move recently.
Consider, for example, China’s May trade flows. Imports of refined metal totalled 302,000 tonnes, well above a consensus that assumed manufacturing slowdown and negative arbitrage would translate into slower arrivals.

….and here’s how it finishes:

The LME’s daily market positioning reports have just started showing the emergence, or quite possibly the re-emergence, of a dominant position holder in the copper market. As of today’s report , showing the state of play at Friday’s close, someone had between 40 and 50 percent of all LME copper warrants. Watch carefully now!

read it all

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