John Redstone and his pals over at Desjardins are still very bullish copper. The Feb 23rd note out of the house was headed up by their "controversial calls" bullet points this way:
• Controversial call #1: Real demand for copper in China is growing at a faster rate than consensus
• Controversial call #2: The level of unreported copper inventory in China is declining at a significant rate
• Controversial call #3: Declining copper inventory in China’s bonded warehouses is a key event
• Controversial call #4: LME copper inventory should decline through 2Q10
• Controversial call #5: Declining copper imports into China should not impact the LME copper price
You can see how the argument develops on each of these points in the full report, available as a PDF download right here. We aim to please.