Drilling Down on Industrial Metals
Coal and the industrial metals have run in place since the end of March, trying to recover after a steep first-quarter slide. This effort has reached a major inflection point, with sector instruments testing boundaries that will determine their fates from now into the fourth quarter. Rather than make predictions that fail to pay off, it's a perfect time to pull up a chair and watch this final battle unfold.
Copper is the primary antagonist in this passion play, with the contract breaking three-month support between $3.70 and $3.75 earlier this month and dropping to a three-month low. It's failed to remount that level in the last two weeks, and is unlikely to do so until China reports stronger manufacturing data -- unlikely, given that country's dependence on shrinking European demand....612 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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