Also worth looking at the relationship between commodities and banking/investing.
I think there was a lot of weird stuff going on. That is mining and commodity companies using the raw materials as leverage to invest in various investment schemes that appear to be unraveling. So when prices decline they had to stockpile more to avoid margin calls... you can imagine how that ends.
I wasn't able to understand the facts or depth very well so I just stay away. China is tough to understand partially because the regulators (government) are also the owners... and we know how well that kind of oversight works out
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