John Gross, publisher of The Copper Journal, always provides some entertaining commentary on the ups and downs on the copper market. This month he provided some insight into other base metals and oil, too:
“More often than not, The Copper Journal monthly report provides a clearer picture of key market trends than does the shorter term weekly survey. To this point, right through the non-ferrous alphabet, beginning with aluminum and ending with zinc, leaving out copper of course, they are all climbing higher and holding above their trend lines. The same is true for most of the precious metals group, with these markets moving sideways to a bit higher, but all above trend.
Crude also moved sideways during August, but it is well off the lows, with a test of $50 on a monthly average basis seeming to be within reach on a technical, rather than fundamental basis.”
Copper prices rested above the $2.20 per pound mark for part of July and August but fell about 10 cents a pound over the past week and at press-time were struggling to stay above $2.10 per pound. For more insight into the metals markets, contact Gross at [email protected] / 631-824-6486.