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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: re3 who wrote (11894)	4/14/2004 9:08:04 AM
From: russwinter	Respond to of 110194

These market induced higher rates take a little bloom off the crack-up boom/ Flucht in die Sachwerte aspect of the metals and commodities plays, but people appear to be forgetting something even more important, the Train Wreck. Note that FCX reports on Tuesday, April 20th, and Grasberg update is likely. The market probably expects Grasberg to be fully functioning by June. Meanwhile Cu draw-downs continue in relentless fashion: For 4-12 LME was 170,200, and Comex 199,495= 369,695 This morning's LME dropped to 165,300. Tweaking of monetary policy in China, and a phoney 25 bps (need 250 bps) tightening in the US will do nothing to stop the complete liquidation of above ground stocks.