But what about copper ?

Copper Aims Higher but Slowing China Growth Drags
By Thomson Reuters - Tue 11 Jun 2013 07:08:28 CT
London copper edged up amid supply concerns, but held near one-month lows as worries over a slower pace of growth in top metals consumer China dragged on prices.
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Commentary:
So much for the edging up.....that lasted about a nanosecond.
 
Morning Copper Market Report
Tue 11 Jun 2013 07:22:08 CT

Copper prices have been through a volatile overnight session, with the market giving away sizable gains and sliding all way back below yesterday's low for the move early in this morning's trading. The Shanghai market remains closed for a holiday, so some traders feel that a lack of liquidity may account for last night's choppy price action.

A sharp early rally last night was quickly extinguished, as concerns over last weekend's lukewarm Chinese economic data continued to hang over the market. There have been concerns building over tight near-term supplies in Asia due to several facility shutdowns in the region, most notably from the Grasberg mine in Indonesia. Other traders feel that a negative tone from outside markets, particularly from other members of the metals complex, is likely to be a source of pressure in today's trading session.

LME Copper Stocks were at 609,250 tons, up 250 for the day, but they have declined in 14 of the last 20 days. There will be no major US economic data until later this week, so there are ideas that yesterday's late word of a US credit rating upgrade may keep Fed tapering ideas front and center and offset any benefit from a sluggish Dollar early today.
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Commentary:
"sharp early rally" indeed ! Wow, July hit $3.28 and is now at $3.18....a $2500 per contract move.
 
Interesting "save" today for the red metal.
Twas down 4 cents and came back to even in the roaring US equity snap-back rally.
This market is having a hard time determining which way to look at the US Economy: half-empty or half-full ??!!!
 
Economy much weaker than reports and still heavily short copper.
Just been selling calls for adding a little to coffers. Any rally is too be sold for long term trades. And still long Nat Gas.
 
Dunno Handle...it appears to me to be a mixed picture. Car sales are zooming in the USA for one thing. And then you've got Jerimy Segal predicting Dow 15k or 16k by the end of the year !
That's not going be supportive for a short copper position.
And the big unknown: will China start to accelerate ?
 
Copper down 3 cents this morning.
CNBC had a piece about China's "overbuilding" problem.....too many houses/apartments standing around unoccupied.
Whew, that should dampen copper demand....no more construction.
 
Quote from syswizard:

July contract painting a $3.08 handle this morning.
Zowie...getting close to that 3-even level !!
More...
We're there. Time to cover your shorts ?
Maybe.
 
Quote from Handle123:

Economy much weaker than reports and still heavily short copper.
Just been selling calls for adding a little to coffers. Any rally is too be sold for long term trades. And still long Nat Gas.
More...

I have not changed anything, but I can wait months.
 
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