By Daily Crux Editor Justin Brill:

David Threlkeld, president of metals trading firm Resolved Inc., has been been trading copper for 40 years... and he's very worried. He called the collapse in 1996, and he sees similar conditions now.

Copper has more than doubled from its lows, but Threlkeld says 90% or more of the recent buying in copper has been completely speculative.

He's especially concerned about China. He says the majority of their imports are not actually being consumed, and estimates there are 3 million tons of unreported inventories.

Threlkeld says, "we're going to see a catastrophe in the market," as dropping consumption and rising production meet large existing surpluses.

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