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9/10/09

Copper inventories

Here's the 30 day chart...
...here's the long range chart for context....

...and rather than repeat myself til blue in face, here's someone talking to Reuters in the excerpt below that does the job for me today. But it's all scaremongering right? Things never go down in the market...they always go up...right?

"A rise of nearly 25 percent in copper stocks since early
July has been troubling investors, who are wary of a correction
in the price, which rose to an 11-month high at the end of
August. [ID:nL8550447]
 "When you break down the rises, most of them come from
warehouses in Asia. There's no demand and Chinese are not buying
and the open interest has completely tumbled at the end of
August," said Andrey Kryuchenkov, analyst at VTB Capital.
 In a sign demand remains sluggish, the premium for copper
ready for use is now around $32.50 a tonne versus the usual
premium of $80-$100, said a trader in Shanghai who expects
demand to pick up from November for the end-of-year surge.