Loading ...No they would have cash settled them with a huge premium (but what do I know – according to them they cancelled some orders … this would be suicide … got physical in hand?).
A small amount to them to keep the game going.
As I said … don’t expect miracles short term.
I would keep an eye on the Chinese spread and backwardation.
And then there is Iran.
Looks like Trump might do something stupid here.
China will take advantage of any weakness from an overcommitment.
The Pentagon will have a heck of a time replenishing ordinance given current supply chain constraints.
Might lose some assets (Taiwan) in the process.
This could cause a crisis of confidence … which in turn could hit the dollar … which in turn could cause a need for speed in currency debasement rates worldwide (in response to a dollar slide).
We will see.
Cheers