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| Chart 1: Copper Contango Vs. Copper Price |
The COT report though is very bullish, so copper could go up in the future.
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| Chart 2: COT report Copper |
We have a lot of contradictory indicators.
dinsdag 16 april 2013
Copper Contango Theory: Copper Bottoming Out?
It looks like the contango is steepening again, so that means that the price will likely go down. But the red chart seems to be topping out while the copper price seems to bottom out...
The COT report though is very bullish, so copper could go up in the future.
Although the technicals are bullish, the fundamentals are very bearish. First we have the Chinese GDP below estimates. We have IMF GDP growth revisions to the downside. Record stock levels for copper. Stock markets on the verge of collapse.
We have a lot of contradictory indicators.
The COT report though is very bullish, so copper could go up in the future.
We have a lot of contradictory indicators.
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The latest news from Reuters suggests that the Contango is steepening, with the ShFE copper contract trading at $8,300/tonne ($3.76/lb)for August delivery, compared with the cash price of $7,030/tonne on Friday, 26th of April, but it is still not clear when the contango will start to reverse.
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