Our conviction in pro-cyclical trends have been confirmed in markets this week, and the case for a Chinese revitalisation is becoming increasingly stronger. 

The continued surge in Copper this morning is noteworthy, particularly given the buildup of inventory by China in the past few months. An increasing stockpile can be a positive indicator, especially if it results from a deliberate effort by China to restock in anticipation of an economic stimulus. This approach is characteristic of how China manages its economic cycles through central planning, suggesting that Chinese officials might be preparing for an economic boost in the second quarter.

Additionally,…

Chart 1: Brent (CO1) is breaking out!