Wednesday, December 30, 2009

Copper: Big boys ain't buying it

Check out PCU's six month chart.

Anybody wanna tell me why PCU was at $35 and $36 with copper down at $2.70/lb, and $3/lb but now we're marking $3.30/lb copper PCU is trading $32 and $33?

Suggestion: This copper move is utter bullshit end-of-year pumperooney at the hands of the past masters of market manip, people that put the Comex to shame. You know them as the floor traders of the London Metal Exchange. Meanwhile, the big boy players who run their squillions in copper producers are quietly exiting on strength.