Copper appeared to break-out of the 3.0 - 3.10 range recently, but then pulled back. https://agmetalminer.com/2018/06/13/this-morning-in-metals-tariffs-on-china-coming-soon/ Major factors appear to be: 1) US Tariffs against China 2) Chilean mine workers stance 3) Strength of US Dollar What say yee ?
Behaving as one would expect, nothing abnormal. https://www.barchart.com/stocks/quo...0&sym=$TXBM&grid=1&height=500&studyheight=100
Many of the companies near the border here in West Texas are shaking in their shorts cause they buy their copper from Argentina and Mexico(two of lowest wages for mining and less than half of what Chile miners make). El Paso had Asarco smelter since 1888 and they could not compete/had to close cause foreign countries pay reduction in wages. Where is the equality of trade? Been long Copper since January 2016 and staying long and always looking to add. One way to get Mexico to pay for the wall. Yes, those who don't live along the border generally against the wall, it is always someone else's problem belief. But doing the same job in Nebraska getting $70,000 a year, here in El Paso gets $30k and doubtful of medical. If you don't work for Federal Gov here, wages are very depressed. Estimated per capita income in 2016: $20,655, to receive Snaps(food assistance) a family of four make under $32,630 can qualify. And why are jobs pay so low, anyone want to guess? So when you think the "wall" does not have anything to do with you or security, you keep working to support folks along the border. I am all for tariffs.
Yes, we should split into even smaller human tribes further stratifying our differences. That’ll end well. *shrug*
2 big bars down in a row...this move has just gotta be related to the tariff war. That being said, HG has plenty of support at 3.03-3.10.
I like commodities being hammered, just makes for nice entries further down. We complain about S&P500 for example being overpriced and therefore a reluctance to go long. Not so metals, they go up a while, then hammered down to allow bite after bite. Every time metals go down, spooks lots of people, prefer that to a complacent ever rising bull market.
Isn't there an old adage... "as goes copper, so goes the market"? Lithium stocks are cheap on a sole JPM report about (a future) over-supply. SQM and ALB are down significantly off their highs.