Take physic, pomp

Charts of the day are………..

……five year LME copper warehouse stocks and five year copper spot price.

They go very well with this report from Reuters:

 SINGAPORE, Nov 21 (Reuters) - The world refined copper
market saw a surplus of 74,000 tonnes between January and
August this year, versus a surplus of 22,000 tonnes in the
year-ago period, the International Copper Study Group (ICSG)
said in its latest monthly bulletin.
 The Lisbon-based ICSG said world refined copper output in
January to August was 12,221 million tonnes, while consumption
reached 12,147 million tonnes. World refined copper consumption
and supply trends, 2007-2008, in thousands of tonnes:
                              Jan-July 08   Jan-July 07
World mine production             10,061        10,161
World mine capacity               12,187        11,838
Mine capacity utilization (pct)     82.6          85.8
Primary refined production        10,411        10,093
Secondary refined production       1,810         1,784
Refined production                12,221        11,877
World refinery capacity           14,893        14,262
Refinery capacity utilization (pct) 82.1          83.3
World refined consumption (1)     12,147        11,854
Refined stocks (end of period)     1,293         1,223
Period stock change                 -129            96
Refined surplus/deficit (2)           74            22
Refined surplus/deficit              206           149
(seasonally adjusted) (3)
 (1) = Based on EU apparent usage.
 (2) = Surplus or deficit is calculated using total refined
production minus refined consumption.
 (3) = Surplus or deficit is calculated using seasonally
adjusted refined production minus seasonally adjusted refined
(Reporting by Nick Trevethan; Editing by Ben Tan)

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