Healing has started! Risks remain in second order consequences. I’m going to show below in inventories how the global picture currently looks. This will be significant going forward. The reason for which, is that I suspect we are supplied at one level right now, however should China return to market, this will turn on a dime. Sure, ‘it’s over’ is now fully priced. But in the greater context, we have just departed the zone of first order consequences and are about to enter the second order consequences world. This is where the more interesting trades will be.
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