The Copper Journal Weekly Reports - pg 1. Weekly reports / charts
Too early to tell, but it looks like copper’s stars may be coming into alignment.
A few points to ponder –
- Copper closed at $ 2.8365 on Friday, marking its 4th consecutive weekly gain, and taking Big Red to an eight month high.
- After hitting a low of $2.47 in September, copper has risen 37¢ or 15% since then.
- The month started with Dec / Mar at a 1.80¢ contango, which diminished to just 5 points on the 13th, before going...
Overall, it’s been a couple of good weeks for the markets, with support lines continuing to hold, and prices still advancing.
Copper closed out the week at $2.81, a seven month high, and is well above its 52 week moving average.
The rest of the nonferrous metals are also looking...
As relates to nickel, that’s the way it appears.
Last week, inventories of nickel held in LME warehouses rose 54,342 mt, (worth about $770 million) or nearly 80% to 123,228 mt.
Oddly enough, the price also rose last week...
That’s pretty much the way it felt last week.
The trade war widened, as President Trump proposed new tariffs on goods from France; duties on steel and aluminum from Brazil and Argentina, and also suggested that he “liked the idea of waiting until after the election” to reach a deal with China.
As might be expected, equity markets around the world were less...