The virtually nonexistent stockpile situation has been ongoing, but this is getting pretty amazing. COT numbers: Commercials are long 14,029 copper contracts, the most in a long time. Specs are short 12,746. Commodities are just sort of disappearing. When you look across the spectrum: gold, copper, oil, base metals, it's all looking like this. Minimal inventories, big speculative shorting, and smart money long bets. Can a resource bull market be far away?
LME Warehouse Levels
Metal stocks (in tonnes) held in London Metal Exchange warehouses at opening, Feb. 27/01 (change from Feb. 20 in brackets):
Metal Stock(tonnes) Change
Aluminium 477075 (+11200)
Aluminium Alloy 82740 (-780)
Copper 330600 (-5700)
Lead 139650 (-1450)
Nickel 9810 (-66)
Tin 13210 (-220)
Zinc 237100 (+2175) |
