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

To: ild who wrote (33818)	6/3/2005 4:21:14 PM
From: ild	Respond to of 110194

Date: Fri Jun 03 2005 15:05 trotsky (PoP-eye@copper) ID#248269: Copyright © 2002 trotsky/Kitco Inc. All rights reserved there certainly is a good secular story to tell w.r.t. China and India and their insatiable appetites, combined with decades of underinvestment in the extraction industries. however, note that lows in copper prices ALWAYS coincide with large and still growing inventories, while highs invariably coincide with small and still falling inventories. i'm not attempting to 'call a top' - that would be foolish in view of the backwardation in the futures and the resulting current supply tightness - only want to point out that low and still falling inventories per se don't tell you anything about the timing of the top.