Big Red had a great week, a great month and a great year, For you poker players out there, copper was dealt a Royal Straight Flush. To recap: copper rose for the third consecutive week, with a 6.5-cent gain, and through last Thursday it marked the 16th consecutive daily advance. The month saw a 24-cent, or 8% increase, with the copper’s spot price finishing out the year just a tad below the high for 2017 at $3.2795, up 78 cents, or 31% from last year. And if our calculations are correct, the annual average came in at $2.8043, up 61 cents, or 28% over $2.1973 during 2016.
Of course, we could go on and on about the performance of each individual market, but as we are typically inclined to say, “Let the charts speak for themselves, as each and every one tells a fascinating story in their own voice.”
That said, just a few observations:
- The ICE U.S. Dollar Index closed at 91.83, not far from its low this year.
- The Euro seems to be on track to test recent highs.
- Gold is back within its rising channel
- Crude oil closed the year at $60.42, right on a key resistance line, and there is not a great deal of obvious resistance between here and $92, as scary as that sounds.
- Natural gas held support, and looks to be taking another run at $3.00.
At the risk of repetition, other than weakness in the dollar, tin and natural gas, all other markets enjoyed a generous 2017.
You can learn more about metals pricing by subscribing to The Copper Journal. Contact John Gross by clicking here or calling him at 631-824-6486.