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This past week the total
exchange inventories of all LME metals rose, driven by large increases in
Shanghai Futures Exchange stocks, even though LME aluminum and zinc
inventories fell only to be swamped by Shanghai increases. We were
surprised that metals price changes were small, even though crude oil rose
to $78.53 and the dollar made new lows against the euro, rand, A$, C$, etc.
The weakening dollar, low interest rates and high crude oil prices may drive
metals prices upwards despite excess supplies.
We have 16 one-on-one requests tabulated
for our November 18-19th conference, with Thompson Creek Metals, Teck, UTS
Energy and Osisko are in greater demand.
Mercator Minerals, Ventana Gold and
Creston Moly cancelled. We tentatively replaced them with Royal Gold,
Greystar Resources and MAG Silver. We will also have St. Andrew Goldfields,
Maudore Minerals and AngloGold Ashanti present but not speaking.
Faithfully,
John C. Tumazos
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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