Is Any Metal Worth Trading Right Now?

Traders have hammered away at just about anything metal in 2013, but the charts finally show a couple bullish opportunities

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Is Any Metal Worth Trading Right Now?

Copper

071113Copper 300x181 Is Any Metal Worth Trading Right Now?
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Of the world’s five most-traded and most-used soft metals, copper is by far the most practical one. Problem: It’s also the most abundant one, in addition to being the industrial metal that we’re progressively needing less and less of. The end results are …

  1. A chart that looks distinctively different than any other soft-metal chart.
  2. A chart that can be taken at face value more than any other metal chart.

In any case, the move under $3.10 per pound last month pulled copper below a key floor, though there’s still a glimmer of hope of support at $2.90. If the floor at $2.90 fails, however, there’s little left that would keep prices afloat.

Thing is, in-stock copper supplies are just a tad off 10-year highs. It doesn’t look good for prices.


Article printed from InvestorPlace Media, http://investorplace.com/2013/07/is-any-metal-worth-trading-right-now/.

©2014 InvestorPlace Media, LLC

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