I talked about copper in my UncommonWisdomDaily.com column today, “A Footloose Yankee on the Trail of Mexican Silver and Copper“, in which I said copper was in a correction to its big bullet trend. Maybe not any more, now that the Fed has hiked its benchmark interest rate …
I’ll let Reuters explain it …
METALS-Copper rallies as U.S. tightening worries ease
Copper prices soared to their highest levels in more than three weeks on Friday, as improved economic sentiment in the United States and expectations of robust Chinese demand bolstered the funds’ appetite for the industrial metal.
But …
But highlighting still weak demand outside China — the world’s largest metals consumer — latest LME data showed copper stocks fell 300 tonnes only to remain near six-year highs at 554,775 tonnes.
Now, let’s look at the chart …
We’ll see what happens when copper gets back to its recent high. Have a good weekend.
Related Posts
- The Copper Conundrum — Peak Copper? (04/16/10)
- Doctor Copper Blasts Higher (03/29/10)
- China Continues to Devour Copper (04/21/10)
- Copper Was the Big Winner of 2009? And for 2010 … (01/04/10)
- A Big Cru-u-unch in Copper! (01/28/10)
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