Copper & Crude Are Getting Crushed

Tyler Durden's picture

Despite global geopolitical crises exploding among the world's biggest producers of oil, WTI (and Brent) crude oil prices have tumbled to 5-month lows (WTI At $96). Despite the exuberant PMIs in China, Copper and Iron ore prices are collapsing (2-month lows). One can't help but wonder what global 'economic growth' must really be like if 'demand' for all these crucial growthy commodities looks so weak?

 

Copper and crude have been smacked 2 days running starting at 8amET...

 

Pushing them to multi-month lows...

 

Notably - the initial spot surge in commodities post-Qingdao ponzi debacle has now given way to broad-based weakness...

 

just as we warned it would...

 

Chart: Bloomberg