Friday, July 8, 2011

Chart of the day is....

...LME copper inventories.

This is a subject that got caught in an Otto Feedback loop about a year ago and I purposely don't go here much these days, but the recent action strongly suggests a topping out of inventories and a pick-up in true end-user demand (read China) to boot. This Reuters note out last night is good reading on it all.