MEIR ON METALS: Spanish 10-year yields cross 6%, markets on edge
Apr 16, 2012 | 01:58 PM
Analyst Ed Meir looks at what is moving the metal markets on Monday April 16.
Copper and General Commentary: Copper prices punched below the $8,000 mark for the first time in three months on Friday, as disappointing GDP data out of China weighed on the metals group and other complexes. For the week as a whole, copper was off some 4%, among the worst performers in the CRB index. In addition, the selling occurred in heavy volume, with Friday’s COMEX turnover nearly two-thirds above the 30-day average according to Reuters data.
The question now raging among China-watchers is just how long and how deep will this slowdown go on; we have gone on record as saying we suspect the deceleration will be deeper and last longer than the conventional forecasts have it, meaning that the metal’s outlook for the balance of the year will be restrained at best.
Markets opened sharply lower earlier on Monday, but have since recovered. Base metals are mixed right now, while precious metals are lower, but off earlier lows. The euro is trading at $1.3040, although it did take out the $1.30 level at one point earlier, hitting a low of $1.2995.
US equities have opened higher, as the earnings parade continues,....
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