HUH? You been trading copper more than a few years, right? You guys, blaming the tariffs? Why did Copper drop from 2011 highs to lows in 2016? Had a different regime in then. No one saw small breaks of highs on the weeklies? Like a sloppy triple high going back to 2014. Least hedge open profits. System bought more July 6/hedged and staying long.
Granted that HG can move without provocation. So my answer for the 2011 to 2016 move is reversion-to-the-mean...... but this latest move is totally tariff-related. Cause and effect.
Are we FINALLY near a bottom here ? My gosh, copper has been hammered..... Wow, the recent volume as been phenomenal.
did you long ? copper up rather strongly today perhaps due to China market, DAX, NQ up and USD weakening
No I did not.....missed it. Indeed, the chinese stock market rally was the big cause....it was mombo oversold. I'm not sure that copper is going to sustain this rally....lots of short covering here. Usually, that does not last long.
I'm not buying this metals rally, but, it could do the dirty and climb up a wall of worry. But for us downunder termites, the overnight rally in metals stocks appears to be just a jerkoff to get rid of some pent up stress of being oversold. No conviction, just a one night stand.
Totally agree Mickey....this tariff effect is still quite unknown. Now if Trump backs down a bit, that could start a considerable rally back to $3.20.
The metals look sick. I’m short silver and rentered short on copper. I figured why not, an went for the trifecta of shorting the yen too. There’s a short leash on it all though.