Copper HG

[real1]

Copper is extremely parabolic. I'm sure there are excellent fundamentals for the extraordinary spike in the price of copper but technically it is extreme. On the daily chart both RSI and PPO are trending down but the price haven't pulled back much. Copper is forming some kind of triangle pattern and pattern resolution should soon follow. The weekly charts tells a different story , RSI and PPO looks pretty good and the pattern still looks reasonably bullish. Copper haven't necessarily seen its top yet.

Copper HG COMEX Futures

 

[sidebar]

Anew copper may be interesting...Copper fox Metals tsx as cuu . Is anyone familiar with this ?

 

[Hook Shot]

Potential panic in copper........?

Bill McLaren's Report 20 Nov.
http://www.mclarenreport.com.au/yvs500/default.asp?id=890

Further down - near the end of the index report Bill warns that IF this bounce is not firm then we run the risk of a PANIC.... Don't know whether that will happen but it's interesting to note.

So far today copper's bounce is nothing special...

 

[daytradingUK]

A bit of bad news from America and it could all go downhill, the LME and COMEX are both reporting increases in stockpiles, it was all drowned out however by this resurgence. I am concerned that we may be about to fulfill Numis Securities prophecy of $5,500 copper by end of Q2 2007.

Even the brokerages don't seem to know what to back - Merryl Lynch think miners are too risky while Morgan Stanley think they are sound...

 

[BREND]

Waiting for higher level to short copper, ideally US$363 level. Since physical demand is weak and hedge funds have turned net short on copper, price has to come down eventually. Details here on the CFTC report.

China's imports of copper and copper products dropped 19.2 percent last month to the lowest since August as higher overseas prices deterred buyers and increased domestic production boosted supplies.

Imports were 198,894 metric tons in May, the Beijing-based customs office said today in a statement on its Web site, citing preliminary data. Purchases were 246,194 tons in April and 220,561 tons in May last year.

 

[BREND]

Copper inventory rises 1500 tons today, a sign that demand has slowed down. USD has strengthened, making copper more expensive. Hence I think its an opportunity to short copper again.

Shorted 1 lot of Comex Copper July at $364.80
GTC stop at $371
Target at $360
Value of 1 point = US$250

 

[BREND]

After PPI announcement, USD has weakened and pushes up copper price, I took profit at $362.85.
Realised profit: US$487.50