Can you tell me what market was higher by 12.3% yesterday( largest % gain since 11-3) and is higher by 7.83 %? the Vix! Political volatility indeed. Stocks still trading lower with both SPX and NDX down .49%. The lows in the dollar were scored roughly at 10:00 this morning the London fix time .Yen back below the 89 handle as the currency play has subsided.Stocks lower and bonds,gold still pressing higher.
let’s talk copper.Real nice day today as comex +7 handles and LME right up on 6000 level,a level that prices don’t like to be above.Managed money net longs at an all time high the End users,commercials net shorts at an all time high.LME spot copper/3 mo spread approaching highest levels since last summer.Who will win this battle between shorts and longs?Fundamentals rarely apply to Copper complex so i will touch on them briefly,more for background information then reason for strength. Today is last day of negotiations between Union and management at world’s largest copper mine.Thought are they will strike.Secondly 2 smelters in China will be down for maintenance thus limiting the supply of copper.