The Copper Journal Weekly Reports - pg 7. Weekly reports / charts
The last report observed that most metals held their respective support lines, and a few were testing or breaking through overhead resistance.
Further progress was made along these lines over this past week, and coincidently, various events on the global stage are providing a growing sense of optimism.
First and foremost, it looks like the two Big Guys are almost buddies again, with U.S. / China trade talks expected to resume...
Over the past few weeks we pondered whether support would hold for copper and other nonferrous metals, and also if gold and silver would be able to get through their respective lines of resistance.
Well, the answer is yes, and yes.
Gold was particularly fascinating as it just sort of tipped toed around the previous high...
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...
Well, depending on where you look, you will see a very different story unfolding.
Nonferrous metals are trying to find a floor, and the same goes for ferrous metals too.
Silver and gold look to be headed higher, while platinum...
Last week was a tough one for metals.
It started on Monday when 36,325 mt of copper, and 48,200 mt of aluminum was ‘delivered’ into LME warehouses.
To put this into perspective, this equates to 80.1 million pounds of copper, and 106.3 million pounds of aluminum. For the full week, 229,375 mt, or 505,684,713 pounds of aluminum ‘arrived’ in warehouses.
Even the most learned amongst us has difficulty comprehending...