LME copper touch 8679 yesterday. Will you believe it will go up or down? Please tell me your viewpoint.
Copper at, what appears to be a key level. It seems to have benefited recently from fed induced "risk on" environment and some mining company mergers. However, it appears that inventories are high. I'd look for info out of china to see what demand is expected. If it wasn't for the fed, I'd be shorting. http://www.businessweek.com/news/20...r-than-expected-copper-to-suffer-fairfax.html http://www.businessweek.com/news/20...-shanghai-inventories-expand-lme-preview.html Anybody else got an opinion?
Early Fridays trading (Asia session) had copper looking bullish after thursday risk rally. http://www.reuters.com/article/2012/02/17/markets-metals-idUSL4E8DH07820120217 That view changed dramatically by mid day when demand from China appears to be slowing. http://www.reuters.com/article/2012/02/17/markets-metals-idUSL5E8DH1LI20120217 Note: the article suggest demand may be a result of consumers holding out for lower prices but that inventories point to future demand. My question is what report? when? and by whom? triggered the selloff. I'll admit I regurlarly don't follow copper but am starting to incorporate in my analysis of global market conditions. Any input?