But what about copper ?

Copper flat this morning natch.....after the huge sell-off.
Get this: LME Stock levels near all-time lows at 257,600 tons.
Since we are getting close to the cost of production, it will be interesting to see if the miners are going to produce at a rate which raises the stock levels.

 

China’s role in copper’s collapse: Why investors should care

 

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Great technical points, Frank .And like the trader said that shorted Citigroup said ''fundamentals win in the end''

I study trends much more than ranges, good reasons for that

Most of copper on 10 year chart is is a range of $2.50-$3-$4.00. All prices are HI grade copper, in US Dollars, front month contract.NOT a prediction, nor do i usually mention a range[aka somewhat sideways trend] ; but on a 10 year monthly candlechart, its an very obvious range, not a prediction.

I like what Aussie trader D Guppy said years ago;
never confuse a HI probability with infallibility.Cool Thanks for fund amental + tek analysis

 

syswizard: excellent thread. Definitely a classic one here on ET.

 

Any basis for the 2.50 to 2.60 level?

 

Thanks much for the plug. It was a long journey, but in the end, the fundies ruled this market.

 

see prior post: "Most of copper on 10 year chart is is a range of $2.50-$4.00"

 

I thought this was a really strange post on MarketWatch.com today.
jim-chanos-short/

Huh ? How can mining be picking up ? Once the Ukrainian situation gets resolved, gold should plummet like crazy. So what are they mining ? Coal ? I don't think so....

 

I never look at "numbers", I just look at weekly/monthly charts. Numbers lie in all commodities or I just never trusted the numbers, but on the chart I trust what I see. Markets have reoccurring patterns most times near extremes, and I wait for long extension before looking for reversals, I add on after deep retracements and I always hedge. Got short indexes on the March 7th when it jumped up on weeklies, dailies and 60 minute charts, sold it and yesterday reached first target. Been selling all the indexes during new contract highs. Have breakeven stops in place and they will stay there till I get stopped out, rollover or reverse. For me over twenty years ago, only thing that tested out well to make the huge money is risking big open profits and staying in markets very long time.

 

I am sure that is true. However, the high frequency traders have been quite successful with the opposite approach:
risking very little, and staying in the market for seconds. Of course, they place 1000+ trades per day. Big difference in styles.