But what about copper ?

Gold, copper have further to fall: Gartman
June 25, 2013, 11:44 AM
Fears of Fed tapering and a Chinese credit crunch have sent gold and copper plunging to multi-year lows in recent sessions, and it’s probably not the best time to be a bargain hunter when it comes to either metal, commodities trader Dennis Gartman told CNBC.

Gartman said he expects copper to drop back below $3 a pound — a level breached temporarily on Monday for the first time since July 2010, but that he isn’t willing to short the industrial metal at current levels.
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Commentary: Smart man...Copper has been known to have sharp, snap-back rallies. I guess the real big "tell" will be copper breaking down below $3 even. That will be a huge event.
 
Quote from syswizard:

Commentary: Smart man...Copper has been known to have sharp, snap-back rallies.
More...
Indeed. Copper up sharply today in what looks to be massive short covering. Asia equity markets were fairly strong....so that could have contributed.
 
Copper Bid in Short-Coverage but Weighed on by Slowing Global Growth
By Thomson Reuters - Wed 03 Jul 2013 07:40:47 CT
London copper rose, underpinned by short covering and bottlenecks in supply, although sluggish global growth eroded demand prospects and signalled any rally may prove tough to sustain.
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Commentary:Well, the stage is now set. Central banks and indeed our own blessed Federal Reserve must pick up the pace of QE and monetary expansion. Otherwise, we're going back to recession. The more bad news, the more likely the pressure will grow.
 
Morning Copper Market Report
Fri 05 Jul 2013 07:36:51 CT
The copper market continues to fall further away from Wednesday's monthly high this morning and is widely seen to be finding significant carryover pressure from sluggish metals prices. Shanghai copper prices were down more than 1% overnight, which some traders feel is casting a long shadow over the market. While Chinese banking liquidity concerns have diminished, they may be some motivation for copper longs to head towards the sidelines in front of Chinese economic data over the weekend and early next week.

Shanghai Deliverable Stocks were 173,021 tons, down 9,472 for the week. They have reached their lowest levels since last October, which may be seen as a mildly positive demand gauge going into this weekend. LME Copper Stocks were 660,000 tons, down 3,175 tons. They have increased in 11 of the last 20 days.

While Asian equities were generally higher and US stock indices are posting moderate gains this morning, many in the market are clearly looking towards US jobs data as the key factor for copper's direction going into the weekend, as the market has given back a large portion of this month's gains since yesterday's market holiday.
 
July copper down 10 cents today....in line with precious metals.
Only the actions of the Chinese government can keep this guy from sliding under $3.
Bloomberg Business Week had a great article on that very subject...indicating Chinese money tightening and strict lending standards could start to reverse soon.
Shorts be forewarned.
 
Morning Copper Market Report
Mon 08 Jul 2013 07:42:01 CT

The copper market has put together a modest recovery this morning, after a significant selloff at the end of last week. Few traders were surprised that copper was hammered in the wake of stronger than expected US Payroll readings that kept the threat of US tapering front and center with the market. In addition to talk that China was moving to restrict credit to industries with overcapacity, the copper market was also facing pressure from a very strong Dollar and from ideas that the US remains on track to eventually remove some stimulus.

However, other traders feel that copper might find some support from news that Chinese June vehicle sales rose by more 12% year-over-year to a monthly tally of 1.29 million units. However, weaker Chinese equity market action overnight may have undermined Asian copper prices last night. Reports of some potential supply losses in Peru in the near future could provide some support to copper, if environment issues in that country actually result in idled operations.
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Commentary:Tiny 3 cent rally for the red metal this morning. I think the first paragraph says it all: many factors keeping a lid on this market.
 
Precious metals are up today, but copper is down.

Perhaps we should re-coin it's name from the red metal to the weak metal ?
 
All metals up huge today including the "weak one". Actually, the chart pattern is somewhat bullish since the hold at $3.00. We've got a classic cup-with-handle formation.
However, $3.40 is huge resistance and would be a great place to get short again. The question is: can it get there ?
 
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