Copper Company?

[Hoop]

So who's talking porkies these last couple of years???

Media saying the global economy is slow outside USA but no worries as it will recover from here
or
Dr Copper who says the global economy is worsening.

The only comments from the chart below is the May 2010 long term support line (not shown) got busted today...so the long term downtrend continues with lower highs and lower lows...

[BFG]

So who's talking porkies these last couple of years???

Media saying the global economy is slow outside USA but no worries as it will recover from here
or
Dr Copper who says the global economy is worsening.

The only comments from the chart below is the May 2010 long term support line (not shown) got busted today...so the long term downtrend continues with lower highs and lower lows...

Copper is always seen as the bearer of good/bad news (and is usually right, hence the name).

I'm not liking this trend...

[Daytr]

I mixed on copper. Hedge funds have gone after it because everything else is off except gold of course.
So copper was next cab off the rank.
I believe there is now a massive short position & the surplus in copper is tenuous.
Unlike iron ore I think China's demand will continue to grow as they become a more services & consumer based economy.
I'm eying up some buys.

[Daytr]

Did anyone jump in? I went large on OZL on Friday.
Copper now up 2 days in a row, combine that with gold it should he a sweeeeeet Monday !

[Daytr]

From a Mitsui report.

LME copper stocks continued to rise, edging higher on Friday by 675 tonnes to 248,125 tonnes. They have jumped 40 percent so far in January.

[BFG]

From a Mitsui report.

LME copper stocks continued to rise, edging higher on Friday by 675 tonnes to 248,125 tonnes. They have jumped 40 percent so far in January.

Bottom has been found???

[Daytr]

I would suggest it goes lower.
Data from the US is weakening, China the same.
Chinese hedgefunds have been shorting copper!
Says something to me.
I'm not hugely bearish, but I think copper can go below $5k/ton even perhaps $4500.

[BFG]

I would suggest it goes lower.
Data from the US is weakening, China the same.
Chinese hedgefunds have been shorting copper!
Says something to me.
I'm not hugely bearish, but I think copper can go below $5k/ton even perhaps $4500.

Hmmm, don't know if it will. We will see this week if the US data recovers a bit. Still mid-winter so maybe not. I see copper took two huge steps down on that Chinese shorting Daytr. Remind you of another commodity chart from 2013 that then recovered afterwards?

http://www.kitco.com/charts/popup/au1825nyb.html

[Daytr]

Yep but that wasn't the Chinese shorting gold which is what I assume you are referring to that was Western hedgefunds.
Remember China is the biggest consumer of copper by far.
So why are Chinese hedgefunds shorting?
From what I have heard they have covered but may look to come back post Chinese NY.
What is the bullish argument when stocks are rising?
Last year China stock piled 400k tons of copper, this year its predicted it will be half that number.

[BFG]

Looks like the US is still slowing down a bit

http://www.kitco.com/news/2015-02-02...n-January.html