Take a look at these historic copper charts.
I was especially intrigued by the five-year chart of warehouse stock levels and the five-year price chart.
Current levels of warehouse stock are very, very high compared to any point over the last few years. Prices have not followed stock too closely since 2009 -- due, primarily, I would guess to Federal Reserve money-pumping. In fact, during late 2010 and most of 2011, copper prices were at the high point even as warehouses had an abundance of stock.
Now we see prices moderating, even threatening to plunge, while warehouses are sitting on a lot of metal. Being no expert, I have no idea what this portends. It just looks ominous.
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