The record long holding amassed by fund managers on the CME's COMEX copper market last August is becoming an increasingly dim and distant memory.
At last August's peak of almost 125,000 contracts, their collective positioning exceeded anything seen previously, even during copper's boom years of 2009 and 2010, when prices hit 4.6255 cents/lb ($10,200 a tonne).
Since the start of January, however, there has been a mass exit, net positioning collapsing to near neutral.
A comfortable consensus is emerging in the iron ore market that China's vast steel industry has undergone a structural change that has resulted in quality iron ore gaining a permanent advantage over lower grades.
Certainly the common theme of presentations at this week's Global Iron Ore and Steel Forecast Conference in Perth was that the current premium of ore with a higher iron content is now a defining characteristic of China's market.