Seeking Alpha

Copper takes out multi-year low

  • A continued wave of morning selling has brought copper lower by 4.3% on the session to $2.95 per pound, the weakest level since the summer of 2010.
  • Copper started the year at $3.40 and its swift decline this week comes amid horrid Chinese export numbers, a plunging price of iron ore, and chatter about defaults and banks calling in loans in China.
  • JJC -3.1%
  • Other copper ETFs: CPER, CUPM
  • Copper producer ETFs: COPX, CU
Comments (2)
  • King Rat
    , contributor
    Comments (572) | Send Message
     
    Ironically these horrid export numbers crashing the commodity prices encourage China to stockpile more at lower prices.

     

    Also, by now it's half rhetorical, but how can commodities such as copper drop 16% YTD on fears of slow growth yet both Nasdaq and S&P remain positive?
    11 Mar, 01:46 PM Reply Like
  • Charvo
    , contributor
    Comments (21) | Send Message
     
    Stock markets and the economy are two different animals. Money is flowing into the stock market rather than into the general populace. If and when money actually starts flowing back into commodities en masse like in 2007-2008 is when the Fed really has to start tightening to lessen the inflation effects. Right now, there really isn't any broad commodity inflation. Oil is looking to take a big dip here.
    11 Mar, 08:43 PM Reply Like
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