I've been saying for a few weeks now, watch Copper, and the its LME' inventories. Almost everyday for months now the LME inventory level for Copper has been rising,but the price for Copper has also been climbing.
Read the headlines...Freeport McMoran,Brazilian and Mexican copper producers' all experiencing labor troubles. Yes the perfect storm one would think to reverse the trend of rising Copper inventories,but so far this is not the case.
What is missing?...YES I see the arguement that so called "shovel-ready projects" are just starting to take hold worldwide,but will we even come close to the the precollapse construction levels,Dubai,the Tarsands,the U.S. housing market,etc.?
Copper,will it be the card that starts the correction in base metals, and possibly commodities, and the World's stock exchanges?...my guess is Yes!
Hamilton has a CU piece below,with charts...