.htm_cmp_global010_bnr.gif)
|
|
|
|
May 24, 2010 Dear Friend,
Chinese steel daily output, global steel daily
output, global aluminum smelter daily output and Chinese
first-quarter copper demand set all-time records.
Further,
Chinese daily aluminum smelter output, global, stainless
steel output, global lead demand and global zinc demand were
near records.
We were surprised that data
was so brisk, contrasting to ongoing recession fears.
Commodity exchange aluminum,
lead and zinc inventories rise rapidly, and U.S. wood prices
are in free collapse from overly elevated levels as is
steel scrap. It is possible to find some weakening data
series, but in general the "Big Picture" suggests better
than expected performances.
John C. Tumazos, CFA
|
Copyright © 2008 John Tumazos Very Independent Research,
LLC
|
