But what about copper ?

Copper Hits 2-Week Lows as Fed Concerns Weigh
By Thomson Reuters - Thu 30 May 2013 07:29:35 CT

London copper fell to a two-week low on worries the United States may curb its monetary stimulus programme earlier than expected, dimming demand for metals, although steady buying from China limited losses.
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Commentary:
Well interestingly, due to a weaker US dollar, prices are holding up fine here in the USA. Copper on the CME up a few pennies.

Copper futures remain in contango but I think the spreads are narrowing....signalling future weakness perhaps ?
 
June 3, 2013, 12:01 a.m. EDT

Copper: Is there a smart way to play?
Commentary: The metal’s malaise signals weak economic prospects

http://www.marketwatch.com/story/copper-is-there-a-smart-way-to-play-2013-06-03
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Commentary:
This article may have impacted CME futures today. July contract was up 4 cents in early trading.....now only up 1 cent.
Note the comments to the article.
 
Quote from syswizard:

This article may have impacted CME futures today. July contract was up 4 cents in early trading.....now only up 1 cent.
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More...
Now back up to +3.5. Huge tug of war going on here. It almost "feels" as though there is someone trading quite large on the long side.
 
Moving up again today..nearing $3.40 basis July.
COPX (copper miners) ETF still not moving up at all.
30 year mortgage rates soaring above 4% now ?
That's ominous for real estate and home building.
 
Well, well, well...that latest rally was as phony as a red cent.
We are down 6 cents this morning and the copper miners ETF (COPX) is now reaching for 10-even.
There just had to be some short covering happening the past 2 weeks.
 
Copper taking a bit of a hit here today. Very strange price action.....as it was even before the employment report. The decent report marked the metal down. Is that because of expectations for the Fed to end QE ? Could be.
 
Except for rollovers, still short Copper and Long Nat Gas. All the little moves one way or another is noise when you do long term trading. I had been short Japan yen over 1.5 years, had waited forever for this thing to go down and got out late May. Copper rallies I sell.
 
We are down 4 pennies this morning despite precious metals holding near the flat line and equities are positive.
I think the thoughts weakness in China are finally starting to sink in.
 
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