{"id":373641,"date":"2010-02-28T19:42:41","date_gmt":"2010-03-01T00:42:41","guid":{"rendered":"http:\/\/www.businessinsider.com\/forget-chile-lme-copper-stocks-2010-2"},"modified":"2010-02-28T19:42:41","modified_gmt":"2010-03-01T00:42:41","slug":"forget-chile-heres-the-real-story-behind-copper","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/373641","title":{"rendered":"Forget Chile, Here&#8217;s The Real Story Behind Copper"},"content":{"rendered":"<p>The trade that everyone will think they&#8217;re a genius for dreaming up is to sell the copper spike we just mentioned. You know, sell the news, etc.<\/p>\n<p>But the (non)-disruption in Chile isn&#8217;t the real story.<\/p>\n<p>The real story, as pointed out by <a href=\"http:\/\/www.waverlyadvisors.com\/\">Waverly Advisers<\/a>, is the build up LME copper stockpiles, which might suggest a top-out in demand, though even that&#8217;s not totally clear.<\/p>\n<p style=\"padding-left: 30px;\">LME stock levels declined slightly for the week ended February 26 (see chart below), but the change was not significant&nbsp; from our perspective (cancelled warrants remained below 3% of the total for the week).&nbsp; The continued decline in Busan specific stock levels have however have caught our attention. With average weekly stocks down 6% from the prior week&nbsp; (to a decline of&nbsp; over 14% YTD) warehouse <br \/>levels in South Korea re starting to test our thesis.&nbsp; With Chinese industrials now fully back on line after Lunar New Year any other potential signals of demand resilience will be of note.&nbsp; We will continue to monitor the situation closely.&nbsp; <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/static.businessinsider.com\/image\/4b8b0c917f8b9a105d440600-580-292\/copper.png\" border=\"0\" alt=\"Copper\" width=\"580\" height=\"292\" \/><\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/forget-chile-lme-copper-stocks-2010-2#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><b>See Also:<\/b><\/p>\n<ul>\n<li><a href=\"http:\/\/www.businessinsider.com\/copper-spikes-after-earthquek-in-chile-2010-2\">Copper Gaps Massively Higher In First Post-Earthquake Trades<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/chile-earthquake-effect-on-copper-2010-2\">Here&#8217;s What We Know Right Now About The Earthquake&#8217;s Effect On The Chilean Copper Industry<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/dr-copper-says-the-bull-is-alive-2010-1\">Dr. Copper Says The Bull Is Alive!<\/a><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/TheMoneyGame\/~4\/f-XnjgHh8tc\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The trade that everyone will think they&#8217;re a genius for dreaming up is to sell the copper spike we just mentioned. You know, sell the news, etc. But the (non)-disruption in Chile isn&#8217;t the real story. The real story, as pointed out by Waverly Advisers, is the build up LME copper stockpiles, which might suggest [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-373641","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/373641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=373641"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/373641\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=373641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=373641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=373641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}