It looks like the recent disconnect between base metals:precious metals is starting to close. Copper Futures are up 3.6% to 151.15 tonight. Gold futures have tanked recently due to a recent
USD rally. Let's see if $copper can recover from here or at least successfully retest the 5 year base. There's still an issue with global demand.
Comex Copper Futures Recover To End Near Steady 1/5/08
"The base metals made an uncertain start to the year, and in the absence of any clear direction were again caught currency watching," Westgate said. "The metals all recovered from their intraday lows, however, with a combination of short-covering activity and fresh buying interest coming into play."
"Copper came under pressure "in light of a stronger dollar today brought about by talk of aggressive stimulus plans being contemplated by the Obama administration," MF global analyst Edward Meir said in a research note."
