Keep On Keeping On June 14th, 2019 by John Gross
It’s been a long, rough, rocky road over the past year, with most metals hit pretty hard.
And to make matters worse, more than a few times along the way things were beginning to look better, but the optimism was brief, as it evaporated into thin air like a mirage.
Last week saw copper post a meager 40 point gain – its first weekly uptick following six consecutive losses, with the year to date price hanging on by a 65 point thread from the end of 2018.
More importantly perhaps, the good news is that copper withstood another 37,650 metric tonne bomb being dropped on the market overnight on Wednesday.
At what point will the London Metal Exchange change their inventory reporting system to reflect the reality of metal being held in warehouses, rather than having it mysteriously and suddenly just showing up ?
Today, copper is holding on to support for dear life as the copper price / inventory chart clearly illustrates.
Will it hold? - Well, we certainly hope so, because if it doesn’t, the next key area of support is down at the $2.50 level.
Hang in there - As Winston Churchill famously said, "If you’re going through hell, keep going".
View Charts (PDF)