Update on Copper

BAML Metals & Mining Conference Feedback, the Speculative vs Physical Arm Wrestle, China is Putting Together Something Truly Genius, + The Flush

Last week I wrote Copper Positioning is Very Extended But It's Probably Not a Top, and it turned out to be on the eve of a massive blowout in the CME-LME arb that has the metals complex abuzz. Even idiots like me get lucky on timing — better to be lucky than smart, I say. After several informative conversations with friends and some time to think, I have a few follow-up points to address:

• BAML Metals & Mining Miami Conference Feedback

• A Speculative vs Physical Arm Wrestle

• China is Putting Together Something Potentially Genius

• The Flush