Just as telling, the premium for spot copper over the nearest forward contract jumps up when buyers worry about being able to get their hands on the stuff.

ECONOMIST: Buttonwood

Citigroup estimates that the spot price is below the production costs for 15% of copper producers, 25% of aluminium producers, 50% of zinc producers, 30% of nickel producers and 10% of iron-ore producers.

ECONOMIST: Fortunes in the mining business come and go faster than ever

Commodities like oil, copper and iron ore just relapsed and both metallurgical and steam coal spot prices stick in the dumps despite serious cutbacks in production, worldwide.

FORBES: White Swans Beat Up On Black Swans