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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: russwinter who wrote (13196)10/10/2004 10:19:45 AM
From: mishedlo  Read Replies (1) of 116555
 
Russ, I spoke with Dave Meger at Alaron about this.
According to him there are "lots" (a term not defined) of "unapproved inventories of copper. In other words therer is copper in storage but not at approved sites and therefore not in the official inventory figgures.

In other words if the LME figures go to zero there will still be copper from somewhere else. More than likely other things will happen, like some of this storage will be approved or moved to official sites, or people will just buy it (and still get it) from these other sites.

Unfortunately there is no way to know exactly how much other copper is out (dave thinks it is considerable but did not define that in tons for me) there and therefore no way to know if we are as close to running out as you seem to think. That said, there is no doubt that copper supply is extremely tight and as long as it remains so prices will keep rising.

Mish
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