But what about copper ?

[syswizard]

A picture is worth a thousand words. Slight trend up since Jan 2010. Shorter term: it's been a roller coaster. Now forming a huge wedge.

Thanks goes to Quandl.com for the chart data.

 

[syswizard]

Some short covering today perhaps with the near term contract up 4 pennies ?

 

[davroz]

Quote from syswizard:

A picture is worth a thousand words. Slight trend up since Jan 2010. Shorter term: it's been a roller coaster. Now forming a huge wedge.

2nd degree polynomial fit !!!

 

[cdcaveman]

now we are talking.. a freaking chart..

 

[syswizard]

Quote from davroz:

2nd degree polynomial fit !!!

So what's your point ? It's just a set of reference points.

 

[syswizard]

Quote from cdcaveman:

now we are talking.. a freaking chart..

$3.50 appears to be holding....copper played-out in sympathy with gold yesterday.

 

[syswizard]

Australia's strong labor market has no effect on the red metal. Chinese proxy FXI is up, but futures barely holding on to gains.
This is quite a "tell", no ?
And this possibility has simply huge implications for the price of copper:
http://blogs.marketwatch.com/thetel...rs-should-fear-chinas-colossal-credit-bubble/

 

[syswizard]

Everything up today except.....metals.
What's up with that ?
Currency moves ?

 

[oldtime]

Quote from syswizard:

Everything up today except.....metals.
What's up with that ?
Currency moves ?

interesting comment on cnbc today

copper in China is now being used as collatreral

in other words, the corp doesn't actually need it for wiring

but they own it, and it is sitting in their warehouse

so in China, copper has become a substitute currency

 

[syswizard]

Really interesting comment Oldtime....obviously, it had no effect on CME or NYMEX futures prices.
So China's on the "copper standard" now, eh ? (vs. the gold standard).
That's gotta be bearish, no ?
When we went OFF the gold standard, gold soared.
China is doing the opposite....so the Yuan will stabilize.
I'm trying to figure this all out.