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Well, what a busy couple of days in the markets! We will start by providing a quick recap

1. On Friday a small Chinese solar company defaulted on its debt and became the country’s first ever corporate bond-market default.

2. Articles became more mainstream that Iron ore & copper have been used to secure bank loans and the inference that the borrowers had in effect borrowed twice on the same security.

3. On Monday Chinese statistics reported China’s manufacturing activity fell to a seven month low and copper imports were down 29% on the month.

The net affect:

1. Shanghai metal market closed yesterday after copper fell 5% with all members told to go home and have a cold shower.

2. Iron ore fell 8% in one day and is now down 22% for 2014



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