The base metals were all solidly in positive territory on Wednesday. Copper took off in the pre-dawn hours, and gained straight through the day, only coming off its intraday high late in the morning to finish at $4.0065/lb., up 9 1/3 cents.
In the beginning of the resource bull market, all commodities were created equal. They all rose together, with the exception of a few products like aluminium and rubber, which lagged the rest of the group. Now, things are different. Call it the great energy sorting.
The base metals were all in positive territory on Wednesday. Copper was flat until just before the New York open yesterday, but then it was off to the races for most of the day, with the metal coming barely off its intraday high to finish at $4.0123/lb., up 10 cents.
Gee a lot can change in a day. Before we get to the energy, Australia’s manufacturing future, and just where the biggest mob of drongos is, a quick word about the BHP, Rio Tinto, China love triangle.
It seems like just another Monday. But the world always changes a little over the weekend. And this weekend, we reckon it changed a lot. The Opes story dominates the headlines. But the collapse of margin lending and leverage probably isn’t the biggest story this week. It’s the increase in food and energy prices we have our eye on this week.
