Chinese copper demand up 29.9% y/y
I have been keeping an eye on the copper chart because I think we’re going to see a breakdown early in 2012 that will signal a broader ‘risk off’ trade but I’m open to the idea that it will resolve itself to the upside. Either way, go with it.
Today, numbers from China showed an impressive 29.9% y/y rise in demand in November, and a 7% m/m increase but I’m always skeptical of Chinese data.
Today we’re lower with stocks in the Asia-Pacific region declining. The tightening wedge we have been building since October will spring out aggressively before the end of January.