Our chart on Chinese copper stock levels has made the rounds over the last months ever since we started flagging it in March. The weekly numbers coming out become increasingly more out of sync with the seasonal patterns prompting us to speculate that something is brewing in China.

We have been pondering if the Chinese are getting ready to devalue the Yuan and the devaluation story makes sense in the context of building up stock levels before the Chinese would weaken their currency. Very interesting to follow this development!