Rising Copper Is Bad News for Tesla

The macro theme of the weaker dollar is finally filtering through to higher commodity prices, but there are also some micro-worthy events behind the moves in the past week. The biggest mover in the past week is copper, where length was building before the move and has accelerated as the price has hit two-year highs. This has helped the equity prices of copper producers -- from BHP Billiton (BHP) to Freeport McMoRan (FCX)  -- as their cash flow is going to allow them to pay down debt faster.

It may also lead to more consolidation in the base metal sector. But the biggest reason for copper strength is the continued better-than-expected economic growth in China, combined with new potential onshore regulations banning copper-related waste starting in 2018. The SHFE (Shanghai) speculators have also drastically increased net length for the past five sessions, which has propelled copper above $6,400/ton....486 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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