Copper Stretched to the Breaking Point

``In what can only be described as mindless, wild crack up boom speculation, copper inventories in the three big exchange warehouses have hit extremely high levels, even higher than what was seen in the pre-financial crisis 2008 commodity bubble Numero Uno... All this is happening at the same time that China, the consumer of 40% of the red metal, is seeing a well telegraphed (but largely ignored) slowdown.'' -- Consumption is not what is driving commodities; it is flight from the dollar.