Just saw an order flash by on the LME in Chicago for 10,000t, which is double the current backorder on the LME globally. Bodes well for the job report there later in the day. US manufacturing is firing.
I have a theory that the whole Iran thing is a ploy to drive up Brent crude prices and increase China manufacturing costs. I heard from a US manufacturer that US production prices with automated solutions have now reached parity with Chinese production prices based on manual labour. In effect, it no longer pays for US firms to offshore. They are now 'onshoring' jobs back to the US. Everybody wants to control manufacturing, except Australia.
Hopefully this 10,000t order will turn up in LME backorder data tomorrow.
KZL Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
