MF Global Daily Report: Base Metals (Aug. 29, 2011)

Aug 29, 2011 10:14

Copper sprinted past key resistance at $9000 yesterday and closed above that mark, a technically significant close in that we now could see more chart-based buying.

Aug. 29 (MF Global) -- This market comment was written at 8:30 a.m. on August 26th, US east coast time...

Copper sprinted past key resistance at $9000 yesterday and closed above that mark, a technically significant close in that we now could see more chart-based buying. Right now, copper is up again, pulling up the rest of the metals up along with it. However, energy markets are weaker today after yesterday's recovery that took place on worries about the weekend storm that is due to snake up the east coast this weekend, carrying with it the potential for flooding and power outages. (We are hearing that there already is a run on batteries and flashlights, but scuba gear is still available).

base metals

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MF Global Daily Report: Base Metals (Aug. 29, 2011)

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