Copper Price Rolling Back Over
The price of the all important copper appears to be heading lower once again after what in retrospect looks like a dead cat bounce....
The price of the all important copper appears to be heading lower once again after what in retrospect looks like a dead cat bounce....
Last week we noted that copper was at a critical level and further weakness could open the door to much lower prices in the months ahead. Well, that further weakness seems to be materializing today as copper drop is down almost $.05/lbs, or 1.6%....
We’ve been highlighting the weakness in the ”metal with a PhD in economics” all year so it should come as no surprise that we’re keen watchers of copper prices....
As noted here on Monday, it appears copper prices are about to take another significant leg down. The price of copper has now decisively broken through the rising support line in what appears to be a continuation of the longer-term downtrend that started back in...
Copper, after having been turned down by the falling trendline last week, is breaking down through the upward sloping support line today. The technical pattern formed in copper is known as an ascending triangle pattern, and breaking below the rising support line is generally taken...
Copper, the so called metal with a PhD in economics, seems to be rolling over again at the long-term downtrend line that began in early 2011. The price of copper jumped from $2.95/lbs to about $3.29/lbs between March and July of this year, which was...
Copper prices continue to recover from weakness earlier in the year, but are approaching an area of resistance: Taking an even longer-term view, we see just how important this level has been in the past five years: Our point-and-figure chart also indicates that copper prices...
Stocks are once again departing from most other asset classes today as the S&P 500 and Russell 2000 rip higher while treasury yields and most hard commodities are down on the day, though higher than in early morning futures trading....
On a relatively quiet day on the markets there is one asset that is exhibiting some serious thrust. That ”asset” is copper, which has now decisively broken through an important line of overhead resistance....
We’ve been keeping a close eye on the copper price recently because it has been exhibiting some pretty significant weakness, and weakness in copper is often associated with weakness elsewhere....
The prognosis is still somewhat cloudy at the moment, as the economically sensitive metal has struggled over the last few weeks to rebound above levels that provided support last summer....
The dramatic decline in copper prices that took place at the beginning of March has taken a breather over the last two weeks as the metal has retraced about 37% of the decline that began on March 6th....
Over the last 4.5 months the spread between the 30 year treasury yields and 10 year treasury yields has fallen from 112bps to 85bps, a difference of 27bps, and that spread has been falling fast in recent weeks....
Copper made headlines last week as it plowed through multiple support areas to levels not seen since mid-2010. That move gave market watchers, including ourselves, pause since copper prices are an important leading economic indicator....
Chinese economic data continues to come in on the weak side as today brought disappointing retail sales and industrial production figures. These data represent January and February cumulative totals so they should not be affected significantly by the timing of the Chinese New Year holiday....