Take physic, pomp

Charts of the day are……..

…..copper, 60 day price chart and 60 day LME warehouse chart.

The recent rebound in copper has been on the supposed uptick in demand that has been well documented by the LME warehouse levels. So the recent Cu additions to the LME warehouse is not a welcome sight for copper bulls.

For the record, I continue to believe that although copper (and other BMs) will recover over a 12 month time period, the metal will have to retrace first. My pencilled-in target is $1.45/lb to the downside. But whether my personal call is right or wrong, we should all be watching that LME warehouse inventory closely. DYODD dude.

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