The dollar is STILL the whole ball game here, and it's sunk a full point to stand at 79.03 right now. Everything else is taking its cue from that dynamic.Copper doing it in some fine style. Up 5% in one trading day....yep, I'd say that's positive enough for me for one day ;-). Glad to say the whole BM complex is following the leader, with an excellent relief rally in Zinc almost stealing the show (that means BWR.to and VEM.to on your radars, folks).
Venezuelan bonds sunk in best capitalist fashion on yesterday's political news. The reaction of local bankers was predictable; "Let's rip off the guy in the street on the parallel bid-ask".
How they can buy a currency at 4.00 and sell at 4.50 and keep a straight face about it is beyond me. Crooks in suits.All miners, be they base or precious metals, very much รก la mode. Let's just pick three right now, but I could fill the screen, really:
- Big hurrah for the quick way in which CS.to bounced, which makes up for my personal annoyance in buying it 24 hours too early on Monday.
- My biggest bet on all the recent charade, FCX, up 7.7% at time of writing and doing just fine.
- Minera Andes continues to show serious strength. Kudos to the guy who reads this and bought MNEAF.ob at 0.76...you know who you are ;-)
Meanwhile, away from the miners have a good look at Brazil sugar play Cosan (CZZ). Quarterly results came out in line with expectations and sugar crop forecasts in Southern Brazil got a boost yesterday from positive climate news. The stock has been really beaten up and looks like it's past the worst. Buyable here, but as always DYODD, dudes.