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Chart of the day is...

...copper, monthlies:

This morning I've been thinking back to the 2008/2009 crisis moment and considering just why copper traded under U$1.50/lb around the turn of the year. And be clear, it might look like a sharp spike on this longer-term chart, but this is a monthly so that's a full quarter when copper was at those rock-bottom levels.

And here we are today. Glencore can close all the mines it wants, the obvious supply surplus now baked into the world of copper is going to kill weak players. Kill them dead and burn them with fire.