The weekly winning streak ended for Spot copper on Friday, with the market falling 10¢ on the day, and 7.65¢ from the prior week. But copper wasn’t alone in the pullback, as all nonferrous metals shared in the pain. And interestingly, as the charts illustrate, each one, it their own individual unique way, were unable to get past their respective lines of resistance, or prior high points.
Of course, it would be dangerous to say the run is done, but now we should be on the lookout to see if nearby support lines hold, or if the markets will give it another try on the upside. Precious metals on the other hand were mostly higher, as the dollar fell further, and global tensions rose. Oddly enough though, crude oil and natural gas have been unusually quiet of late, with both moving sideways within a narrowing range.
It’s the quiet ones we have to keep an eye on.
John Gross publisher of The Copper Journal and is one of the metals' industry's best resources on copper pricing trends. If you would like to learn more about how to manage your wire and cable inventory in this volatile market environment, email John at by clicking here or calling him at 631-824-6486.