There does seem to be a desire to have exposure to commodities by both long-term funds and speculators.
An unprecedented amount of new fund money has been attracted to the LME by virtue of index buying (commodity indices) and structured products.
If the fund buying is strong enough, it could lift prices to that target ($600) a lot quicker than we think.
Funds are still keen, with the end of the month likely to bring even more money to commodities due to the good performance they've had during January. It's a self-fulfilling prophecy at the moment.
Correction? What correction? With the shorter-term players locking in profits and systematic CTA (Commodity Trade Adviser fund) selling met by trade and hedge fund buying, base metals have stabilized after a volatile 24 to 48 hours.
The main story is still fund money. Stocks are low.