The Copper Journal Weekly Reports - pg 6. Weekly reports / charts
Is it any wonder that base metal markets are skittish?
- Brexit takes center stage, again, and as the deadline draws near, the two sides remain far apart
- The Fed is poised to cut interest rates - the first question is why, then by how much – But then what?
- The ECB ponders launching another quantitative easing program, driving negative rates even lower
- Protests continue in Hong Kong, and are becoming more violent
- North Korea does more missile testing
- Iran also conducting missile tests
- Oil tankers in Mideast facing threats
- US dollar rising again – Administration rules out intervention
Against this backdrop of uncertainty...
Last week, silver rose almost $1.00 per ounce; gold was up $15.20, and platinum climbed $17.50.
Copper gained 5.3¢; lead +4.5¢, while nickel soared 55¢.
It wasn’t as if there was any sudden, or significant change in the fundamentals...
The last few weeks were a bit dicey, but copper and other metals held their ground to come back fighting for another day.
Yes, yes, we’ve been down this ‘on again, off again road’, but at least we are still on the road, and not in a ditch somewhere, and the view does in fact look somewhat better.
The Copper Bar Chart shows recent lows holding, and the price is again closing in on the 10 week moving average. More importantly, stepping...
Copper took a hard right to the jaw last week, thanks to another 64,025 mt of metal being mysteriously dumped into LME warehouses in just two days, apparently when no one was looking.
We continue trying, without success, to comprehend how this logic defying feat is even possible. Whatever -
The second blow came with Friday’s job report, showing another 224,000 new positions were...
The last report observed that most metals held their respective support lines, and a few were testing or breaking through overhead resistance.
Further progress was made along these lines over this past week, and coincidently, various events on the global stage are providing a growing sense of optimism.
First and foremost, it looks like the two Big Guys are almost buddies again, with U.S. / China trade talks expected to resume...