Copper Plunges To Fresh 5-Year Low feedly

CopperPlungesToFresh 5-YearLow


Asweexplainedingreatdetailyesterday, the selling in commodities is far from over. The extent of China’s commodity-backed-financing is only now beginning to be understood and forced sales (along with the vicious circle of collapsing collateral values and increasingly tightening credit) are hard to stop for a government set of reform. Copperpriceswereheavyovernightin Asia butthismorning has seenfuturesplungeonheavyvolumebelow $289 – thelowestsinceJuly 2009– breaking key support levels. Forthesamereasoning, zinc andaluminum are underpressure, as issteelrebarandgold.

Which has dropped copper prices to 5-year lows…(breaking critical support)


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