…and rather than repeat myself til blue in face, here’s someone talking to Reuters in the excerpt below that does the job for me today. But it’s all scaremongering right? Things never go down in the market…they always go up…right?
"A rise of nearly 25 percent in copper stocks since early July has been troubling investors, who are wary of a correction in the price, which rose to an 11-month high at the end of August. [ID:nL8550447]
"When you break down the rises, most of them come from warehouses in Asia. There's no demand and Chinese are not buying and the open interest has completely tumbled at the end of August," said Andrey Kryuchenkov, analyst at VTB Capital.
In a sign demand remains sluggish, the premium for copper ready for use is now around $32.50 a tonne versus the usual premium of $80-$100, said a trader in Shanghai who expects demand to pick up from November for the end-of-year surge.