The copper market has managed some recovery action overnight but it is clear that copper and other industrial commodity markets are not benefiting as conclusively as the precious metals market from current conditions. Continue Reading…

More than likely July copper prices were moderately oversold into the prior session’s lows, as that action brought copper prices to a high to low loss in May of roughly 40 cents a pound. Copper saw some support from news overnight that China was providing fresh stimulus, with a plan to stimulate domestic consumption with a subsidy for energy efficient appliances. Continue Reading…

A significant range down extension in copper prices overnight would seem to confirm ongoing fears that the global economy might be tumbling back toward recession. When one adds into the equation what appears to be an unending financial debacle in the Euro zone, it is not surprising to see copper and physical commodity prices carving out what appears to be a deflationary washout. Continue Reading…

The copper market managed to respect the prior session’s low overnight and that is the first positive technical action since the May 10th attempt to bounce. Copper probably saw some support from favorable German GDP figures but to foster up beat economic views through the US trade today, probably requires something positive from the US retail sales report, as the Euro zone fears haven’t been eliminated yet. Continue Reading…

In addition to smoldering euro zone fears, copper is also fretting over the prospect of further slowing in both the US and China. Surprisingly the copper market wasn’t able to benefit from news of a 50 point cut in the Chinese RRR over the weekend and that highlights the entrenched expectation of global slowing in the marketplace. Continue Reading…

Hedge funds and other large investors cut bullish bets on rising commodity prices by the most since November as risk-off sentiment in the wake of the Greek election eased the appetite for higher risk assets. Continue Reading…

Gold is reaching a key pivot point that will dictate its medium to long-term technical outlook (and probably for macro markets as well). USD1,522 represents a crucial support for two Elliott Wave counts. Holding as support will be bullish evidence but breaking will shift the probabilities in favour of our preferred scenario: a fall towards USD1,200. Continue Reading…

Apparently the attempt to recover yesterday was a temporary reaction as copper prices this morning are back under noted pressure again. Not surprisingly, the copper market was disappointed by another round of weak Chinese data. Continue Reading…

With another sharp range down extension in July copper overnight, the market has reached down to the lowest level since April 24th. With overall macro economic views seemingly embracing a return to recession, off the latest Euro zone developments and perhaps because of recent evidence of slowing US momentum, the bear camp in copper and most physical commodity markets have to feel pretty confident. Continue Reading…

The copper market has already seen a fairly significant setback from the initial overnight high. With the July copper contract yesterday managing to buck the down trend in most physical commodities, it is possible that part of the initial losses in copper prices this morning are simply catch up to yesterday’s action. Continue Reading…