I agree there are conflicting indicators to be seen. Interestingly, COMEX and London get less "rspect" than they used to. Who really knows what levels of effeciencies are masked by the Asian markets, not that I trust any of them anyway. Even the London Bullion Market Association is under suspicions these days.

Still, the physical markets, in my opinion, are more reliable than inventories that are reported by self-serving futures dealers (i.e., unregulated banks, as it were).

Also, it remains to be seen what hints of economic sanctions against Russia (over Ukraine) will do markets for most raw materials.

But this is just my sense of things. I could be wrong.

VP