Copper - most oversold since 2011

larkin

Newbie
5 0
YT558472-669.png
Started building position
http://signalinea.com/copper-is-this-it/
 

PieterSteidelmayer

Well-known member
283 54

From your chart it would appear you have started building a long position on a technical basis on a commodity that has become one of the most fundamentally uncoupled from the technical. It doesn't suggest a safe sell side either at the moment for exactly the same reason, but from a fundamental perspective that is most definitely the short to medium term.
 

larkin

Newbie
5 0
From your chart it would appear you have started building a long position on a technical basis on a commodity that has become one of the most fundamentally uncoupled from the technical. It doesn't suggest a safe sell side either at the moment for exactly the same reason, but from a fundamental perspective that is most definitely the short to medium term.
Everything is technical.
 

sinimini

Active member
173 33
My old man is a commodity trader, one of the things he trades is and takes physical delivery of is copper cathode which he puts on warrant. I concur with PieterSteidelmayer. If you played the small bounce then well done. On the physical end I can assure you that real buying hasn't kicked in yet, we have a way to go before we hit previous physical stock lows. It is called Dr Copper for a reason. The lines on that chart mean nothing. What I see is on the chart, Jun/July 2012, I remember demand being pretty high with the old man doing 200 tons plus a day, about 8 wagons. That isn't occurring right now, trust me. I'm bearish on copper, Chinese PMI is very low. The Chinese were stocking up on copper to the point where the warehouses were overflowing and they started storing in their warehouse carparks! While doing that, they were using it for financing so what was driving price as well was that it was taking months to get your copper out warehouses, even European ones.
 
 
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