MS, thanks for the reply. 

Where you said, ".....your argument is insignificant in the bigger trend picture" is precisely what I have been repeating here, that the short term consequences of too much focus on an overly hot futures market can lead to disappoitment, because the eventual correction will draw down spot prices - the present markets for each, not the trends.

As I have never been negative on "the bigger trend pricture", I'm not sure of your point.  One shouldn't care about differences in spot and futures prices if the trends coincide? 

Who should care about what depends on what one is invested in, mining or manufacturing.  "That's the difference."

Thanks again.

VP