Take physic, pomp

Those LME warehouse copper stocks again

The mini-trend continues, as six of the last seven trading days have now added stocks to the LME warehouses.
That 14,825MT added to the warehouses, folks. Now it’s important to keep this still relatively small move in context, so here’s the five year chart to keep our heads screwed on and understand the difference between a small move and a game-changer such as the one we saw last year….
…but there’s little doubt now that the trend of ever-downwards movement we’ve seen in 2009 regarding stocks is now broken. And by way of a wrap-up, here’s a quick look at LME stocks of the other major traded base metals via their six month charts:




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