Friday, July 06, 2007

Copper Inventories

As you probably know low stocks equals less supply and thus the price of copper is normally inversely correlated with LME copper warehouse stocks. The LME copper warehouse stocks level are declining consistently since February 2007, already down 50%. Copper stocks are down from about 200,000 to. 105,475 tonne (July 6).

Technically the copper chart looks fine , a-b-c 3 waves correction then an impulsive rally (wave i) , wave iii is currently underway, PPO , RSI up trending bullish. Potential inverted head shoulders pattern with a price objective of 520.

copper chart

1 comment:

wattikorn said...

im really interested in yr charts and analysis but wondering why u haven't continue yr writing here, and if u are still analyzing commodity graphs, could u send yr the analysis to my e-mail? i would be really appreciated :)
my e-mail is