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Chart of the day is...

...the Shanghai Futures Exchange copper inventory levels over the last five years:

The chart is chosen to get you to read Reuters' Andy Home's excellent piece on the subject, which you can do by clicking right here. Also, the SEC paper he refers to in the note can be accessed by clicking here. Bottom line is that Home calls the situation better than the SEC team who supposedly did an empirical invetsigation, but missed the mark because they ignored the big fat 10 ton elephant in the room.