Looks like some short covering recently......Hmmmm. If it breaks out above $3.20, I'd be really surprised.
September is now the front month....and wow, what a rally today !! This should be the upper end of the trading range.
Have not posted in a while. What's this ? Sept Copper at $3.27 even after weak China exports being reported ? Could it be that copper is hanging onto the coattails of gold ? Exactly. And why is gold going up ? No reason other than for potential conflict overseas that may never materialize. I think all metals are a short play now. Steel is already in the crapper.
Still range bound it appears. Reversion trades have been working well recently for me in Copper (using spreads).
Nice call Handle !! Hard drop past 2 days. There is just so much head-faking going on in this market......it's crazy.
Down 4 cents today boys....$1000 per contract ! Interestingly Shanghai equity market has been strong.....so this is counter to that move. This remains a market where there is no logic or reason.....