Network Metals LLC

The numbers out of China’s State Reserves Bureau yesterday seem to cut both ways. On the one hand, the amount of metal bought (especially copper at 235,000 tons) seems much lower than many analysts felt were accurate, and leads us to believe that there may have been actual consumer demand if the numbers are correct. On the other hand, not only are numbers like these often questionable out of China, but the fact that the copper market seemed relatively unaffected by the news indicates that we may not have heard the last of this issue yet.