But what about copper ?

6 week lows in copper....but China may be rebounding.
The copper market is finding mild strength this morning after yesterday's large selloff took prices to a 6-week low. Some traders feel that copper was initially supported by news that Chinese September refined copper imports rose by almost 7% over year ago levels. It is also likely that news of a rise in excess of 25% in year over year Chinese September copper concentrate imports provided some additional support for copper prices.

However, other traders feel that copper seemed to need a recovery in US equities and some gains in precious metals prices just to put together early gains this morning. Copper might also have garnered some support from a positive reception to a private survey of Chinese manufacturing released overnight, as that particular data reached a 3 month high. Some traders have suggested that copper might be poised to take direction from today's US new home sales figures.
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Dec Gold/Silver up today.
Poor copper - flat. It looks very weak.

I've been waiting for a new short entry spot upon any "pop".
Doesn't look like that's gonna happen !
 
Quote from marketsurfer:

We got burned investing in copper with the best copper trader on earth-- be very cautious!

http://www.marketsurfer.com/?p=773
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Who was that trader Surf ? RK looks like they've done very well.
And thanks for this tid-bit:
Not everyone is bearish. Goldman Sachs Group Inc. (GS) analysts Max Layton and Allison Nathan say market jitters in Europe have led traders to take their focus off the fact that copper supplies are under pressure. Strikes by workers in Latin America have created a copper deficit, which will trigger a “strong rally” in the second quarter of 2012, the analysts wrote in a Nov. 20 report.
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No question, this occurred first quarter 2012. But since then, Copper has gone nowhere and now looks to be breaking down...even in light of a strong US housing market.
If $3.28 is taken out, it may even break below $3.00.
 
Been short copper for awhile now, any chance I get to draw downsloping trendline on the highs will sell more. Am sure any new home building will take months to make inventory shrink much.
 
Quote from Handle123:

Been short copper for awhile now, any chance I get to draw downsloping trendline on the highs will sell more. Am sure any new home building will take months to make inventory shrink much.
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Nice trade Handle ! Futures or Options ?
Copper, up till this week, was painting a bullish cup-with-handle chart pattern. No more.
Unless the helicopter takes off or China starts buying again, this guy is going down even more.
 
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