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Did China Buy Too Much Copper? [View article]
Basically purchased a lot of this inventory at below-value prices due to the financial crisis. By doing so gave everyone confidence they could be relied on to pull the world out of recession. The confidence boost making financial systems and businesses stronger and increasing business activity which increases their export volumes.
Not when prices are high, they will start shifting some of their inventory to London. a) London spot prices are far higher than Shanghai spot prices. b)sitting on nice profit. c) they will get some more fx reserves for their troubles.
China has lots of reserves for sure. What does this say though?
China has lots of everything.
Lots of people.
Lots of USD.
Lots of Gold.
Lots of factories.
Lots of stimuls projects.
People that think they can project China's commodity demand need to stop smoking dope. With the property boom that started 8 months ago and has at least 5-10 years to go, China will need a lot more copper in the years to come.
FACT