Shanghai copper falls back sharply from 2009

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    Shanghai copper hit its highest level this year in the morning session on Monday, but fell back as traders and producers began building up short positions. The December contract touched 51,330 yuan ($7,515) per tonne, before finishing the morning session at 49,300 yuan ($7,218) per tonne. Trading volume for the contract gained 112,888 lots to 624,030 lots. Shanghai copper hit the new record shortly after opening, said Li Rong, a trader at Great Wall Weiye Futures Co

    http://www.metalbulletin.com/Article/2284519/Shanghai-copper-falls-back-sharply-from-2009-high.html

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    Are Chinese pig farmers the equivalent of taxi drivers giving stock tips?

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    Copper, nickel and other base metals stockpiled by speculative Chinese investors including pig farmers may be sold when market sentiment turns, said Scotia Capital Inc.

    A price surge and easy bank credit this year encouraged pig farmers, stock brokers and businessmen to buy copper and nickel for speculation, Liu Na, an analyst with Scotia Capital, wrote in a note dated Aug. 17,.

    These stockpiles are in weak hands as speculators have no real use for base metals, Liu wrote. When the market sentiment turns, they are very likely to turn into quick sellers, especially when the banks money is involved.

    *****

    http://www.nakedcapitalism.com/2009/08/copper-stockpiled-by-chinese-pig.html

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    Every one is a trader in China.

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    "Are Chinese pig farmers the equivalent of taxi drivers giving stock tips?"

    Maybe ask an Icelandic Fisherman..... I mean Banker...:oops::shock .. gulp!

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