The Chinese Are Less Eager For Copper And Silver

It looks like the Chinese pressure on hoarding some metals is dissipating. Look at copper:

Source: Simple Digressions

The blue circles indicate periods of decreasing copper stocks at the Shanghai Futures Exchange (SFE). Note that during these periods the prices of copper go down or level off. As the chart shows, since middle March the Chinese have been cutting copper stocks with copper prices following this decrease.

Another example – silver:

Source: Simple Digressions

Similarly to copper, since middle March the Chinese have been cutting silver stocks.

Finally, a different picture. This time it is about gold:

Ssource: Simple Digressions

As the table shows, in February and March of 2017 the Chinese withdrew more gold than in the corresponding months of 2016. It looks like the Chinese still show strong demand for gold…