The macro, micro and technical outlook for base metals has been pretty bearish, and it is not surprising that the base metals price index has fallen to six months lows. Market sentiment towards the outlook for a rebound in economic growth within China weakened this year with the release of disappointing economic data. Nevertheless, we are starting to see signs of a pickup in physical demand in China, a major swing economy for metals. There are emerging signs that demand weakness could be bottoming out in the world’s largest producer and consumer of base metals. Let’s focus on copper: we have started to see signs of a ... (full story)