RE: RE: RE: RE: RE: RE: RE: RE: RE: RE: RE: duluth This was from yesterday...............Keep in mind we have other valuable resources and there seems to be problems in Africa...........
Market Nuggets: R.J. O’Brien: Copper Technicals Bearish: Chinese Buying Seen On Further Decline
Monday June 17, 2013 9:22 AM
R.J. O’Brien & Associates describes a bearish technical picture for copper but also would anticipate some Chinese buying to emerge on any price pullback to $6,900 a metric ton and below. For now, the metal is “drifting” while markets await a Federal Open Market Committee meeting this week. In the meantime, money managers nearly tripled their net-short position, as reflected by weekly Commodity Futures Trading Commission data, R.J. O’Brien says. “The technical picture for copper has now turned quite bearish,” the firm continues. “Many technical analysts are encouraging their CTA (commodity trading adviser) and technical trading fund clients to short the market on corrective bounces. However, the market is already quite short so in many cases the CTAs and others will simply be looking to add to their short positions.” The firm lists resistance in copper for delivery in three months at $7,210 to $7,230, with support around $6,900. “Many dealers increasingly think the Chinese will prove very good buyers should prices get down to the $6,900 to $6,800 area basis three months,” R.J. O’Brien adds. As of 9:18 a.m. EDT, copper was nearly steady – up $3.75 – to $7,093.75 a metric ton on the London Metal Exchange.
By Allen Sykora of Kitco News asykora@kitco.com
Read more at https://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32679760&l=0&r=0&s=CUU&t=LIST#sykP1HbW6grmP5lJ.99