Monday, August 26, 2013

Copper Gets Hit Hard on 7.3% Durable Goods Drop

The front futures are changing hands at $3.3265.
From ZeroHedge:
What a difference a day makes. On Friday, Doctor Copper was surging on the back of dismal home sales data and the hope of moar money; today, following the terrible durable goods data, the economist-metal is plunging rapidly.
We mentioned critical levels for copper yesterday and questioned the sustainability of the recent rally in light of the cash-for-copper financing deals; it seems that anxiety is leaking into prices (as we are not seeing broad weakness anywhere else).
Here's the Commerce Dept's durable goods release.