Interesting story in the morning headliners about Rio Tinto saying customers are asking to delay shipments.
“Customers are restocking in September – but below normal levels. They’re taking a wait-and-see approach,” Rio Tinto chief executive Tom Albanese said. He added that the slowdown was not spreading into Asia: “In China, our largest customers are not showing any sign of slowdown.”
I noted the breakdown in the copper chart yesterday. Copper is down 0.67% today but base metals are slumping much harder with zinc -1.0%, aluminum -1.1%, nickel -2.5% and lead -2.9%.
