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February 22, 2010 Dear friend,
The rates of decline of
commodity exchange inventories have been less than expected thus
far in February. Last week nickel and tin inventories fell,
while aluminum and zinc rose a lot and copper and lead rose a
little.
Today the World Steel Assn.,
International Aluminum Assn. and Fibre Box Association reports
of January output of global steel, global aluminum smelters
except for China and U.S. containerboard sq. footage all were
less than expected.
The Feb. 17th World Bureau of
Metals Statistics reports for global nonferrous metals demand in
December were reasonably strong, although the world outside
China reports little gains from year ago lows.
We are tabulating one-on-one
meeting requests for our March 24-25, 2010 conference at the
New York Helmsley next month. Please let us know if you need
any meetings.
Faithfully,
John C. Tumazos
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Copyright © 2008 John Tumazos Very Independent Research,
LLC
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