Wisconsin native. "The true soldier fights not because he hates what is in front of him, but because he loves what is behind him."--GKC "Liberalism is the modern and morbid habit of always sacrificing the normal to the abnormal" --G K Chesterton "The only objective of Liberty is Life" --G K Chesterton "A man can never have too much red wine, too many books, or too much ammunition." -- Rudyard Kipling
That's the 90-day picture.
Copper is often called the "old guys' economic indicator"--because old guys understand that copper is in EVERYTHING that's manufactured. When copper's down, the economy is heading south.
All this does is confirm yesterday's PMI reading of 43.
HT: MetalPrices.com
4 comments:
On the upside, this might mean that people will stop striping the wire out of anything electric for a few months.
I agree with anonymous, I think it i a good thing. Cooper wire theft is terrible out here in Vegas. I hope it goes down evenfurther.
You'd think with foreign demand and the weak dollar, this would remain higher. What's putting the downward pressure on copper? Weak housing starts? Declining durable goods purchases?
Demand has dropped like a rock.
(I should condition that with the observation that copper was extraordinarily high a year ago...)
When I say that copper is a component of every manufactured item, I mean that almost literally. It IS part of brass--but also is contained in cars, appliances, houses, machinery, ....you name it.
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