This page has been archived and commenting is disabled.
Copper Carnage Continues - Bloodbath At China Open
Update: COMEX Copper trades $242.35
Heavy volumes in the futures markets have smashed COMEX Copper prices to as low as $251.90 as China opens. This is the lowest level for copper since July 2009... LME prices are as low as $5,500/mt... Blame OPEC! In fact - we suspect - blame massive rehypothecation hedge unwinds...
All you need to know about Chinese copper rehypothecation: Part 1: http://t.co/sid9bqUL94 Part 2 : http://t.co/WUTlxuK1lU
— zerohedge (@zerohedge) January 13, 2015
- *COPPER DROPS BELOW $5,500/MT ON LME
- *COPPER DROPS AS MUCH AS 5.7% ON THE LME
Total Carnage
This is not a normal China open...
As Bloomberg reports, the catalyst for this latest leg down appears to be World Bank global growth forecast cuts...
Copper tumbled below $5,500 a metric ton for the first in five years as a cut in the World Bank’s global growth forecast fueled speculation demand for raw materials won’t be enough to eliminate a supply glut.
Copper dropped as much as 6.6 percent and nickel slid 2.2 percent. The world economy will expand 3 percent in 2015, according to a World Bank report released today, down from a projection of 3.4 percent in June. The Bloomberg Commodity Index of 22 energy, agriculture and metal products slid to the lowest level since November 2002 yesterday after dropping 17 percent last year.
“The news everywhere is doom and gloom,” said David Lennox, a resource analyst at Fat Prophets in Sydney. “Prices are going to keep sinking.”
Copper for delivery in three months on the London Metal Exchange dropped as much as $388 to $5,472 a ton, the lowest intraday price since July 2009. The metal was trading 6.1 percent lower at $5,501.25 ton at 9:54 a.m. in Hong Kong.
All other metals on the LME declined, with nickel dropping to the lowest since February 2014.
* * *
Maybe commodities are on to something...
Naah - stocks are all-knowing...
* * *
Copper's cost curve is coming under pressure...
* * *
Crude is also under pressure...
- 17458 reads
- Printer-friendly version
- Send to friend
- advertisements -








dr. copper calling in sick?
Dr. Copper has the flu -- the same one knocked 5+% off the world's population 95 years ago.
When doctor copper gets sick where does he go? The silver sugeon? The gold gynecologist? Platinum podiatrist?
To the Oil Oncologist where he finds out the entire body of financialization is riddled with cancer.
joyflation right around the corner
Is that when Janet beats off Obama?
I don't know what you guys are bitching about.
All the FED has to do is lower rates to get everything back on track, has worked every time before. They have plenty of room to cut.
/s
they can go to -0.2 like in Europe.
Then, like in Summer 2011, Boehner will cave on the next huge budget increase. Thus assuring the FED plenty of new issuance to purchase. Guaranteed to reoccur until dollar collapse.
XOM is too big too frail.
Here comes the "Oh Shit" moment banksters were trying to stall....
And here I was thinking the manipulators all commited suicide someone call me a dr. Kilvorkian is dead rite? And I was also thinkin the collapse was close not yet I see but hey I got a good job today so I can continue staacking and being a zombie in the workplace cause nobody wants to hear whats really going on out there there is no islamic terrorist its people like us extremists causing all these problems. I give up on the sheeple and ready to give up on this collapse theory sarc
FWIW, it's all the base metals. Aluminum is getting crushed and the rest are just drifting lower and lower, day by day.
One after the other all infecting them.
Really sick - all the rehypothecation unwinds should have driven the price up; a sharp drop, coupled with a similar drop in the dry Baltic index, says the true world economy has just stumbled.
The Canary in the coal mine may have just expired.
No,no, no...he's merely pining for the fjords.....
I smell gas. Does anyone else smell gas?
LNG. Ships well.
Dow off 80 S&P down 10 unusual move in the overnight session and Oil not doing anything???
Oil's never going to zero again!
If you ever wondered what the average American's intellience is on economic and financial issues head on over to the Yahoo board and check out these comments. Almost 100% of them think crashing oil is "good" and has no "negative" impact on the economy and comsumer whatsoever.
I shit you not...
http://finance.yahoo.com/news/5-states-most-hurt-falling-135533601.html;...
probably the same jackoffs that are bidding the e-minis right now, thinking about the glorious savings to the consumer from lower copper prices. i swear this planet deserves an asteroid. one huge merciful asteroid.
Glorious savings? That is exactly what they are saying.
I asked about layoffs, cutbacks and lost spinoff jobs and was roundly criticized.
Well, it's Yahoo. It carries the exact same propaganda as the old MSM. So, I'm sure there are plenty of DC operatives working there.
Well that's because you brought intelligence into their conversation.
Aloha bro
They are don't making anymore oil.
It's 1936 not 1937 we have a little time to go. History is repeating...
At least we have a few years until 1939. fuck.
next up----black swan margin calls on rehypothecated non-colateral?
Next up Putin takes more of Europe under his facist proaganda world tour before showing his true face as the hardline communist he is
You could easily replace "Putin" with ""Obama" & get the same effect
Agreed
next up----black swan margin calls on rehypothecated non-colateral?
Yes, likely this spring, and shale play after shale play goes belly up, same with tar sand plays and many international fields, and the banks that supplied the loans and/or were long oil get margin called. Then a bond collapse next summer as the whole junk bond market goes under. And finally a currency crisis as investing doesn't run to fiat but gold.
IMO, you missed a step. Not a total bond collapse, but US bonds being bid to sub-zero rates while junk goes under, then a gold bid(perhaps simultaneously).
...and now oil - check out the orders
http://www.investing.com/commodities/crude-oil-advanced-chart
Copper just catching up with oil. Wontt be no after April tax return go out spend party. Corp Gota have there's in by march15. Ouch
I'm gonna build a Tesla Coil. A BIG FREAKING TESLA COIL.
Keep us posted on your progress,
and wear rubber boots;)
False flag copper smash by the Russians who shot down MH17 over the Indian Ocean with a stealth missile launched from that submarine that the Norwegians couldn't find. Don't believe me, you must believe the Jew media. Go ahead, keep deluding youuselves. I'm sure you just think the copper price just crashed itself. Well, where's the black box then, huh?
The truth is out there.
I suspected as much! Thanks for the confirmation!
Unambiguously Bullish! Think of all the savings consumers will have on copper tubing.
And the US Mint can start making real pennies again instead of that crap that rots away after a few years outdoors.
"If copper ain't happy, ain't nobody happy."
and a blog full of bears and everybody bitchin'.
Anyone around here read ZH? ;)
now $2.43. i've seen stones fall slower than this.
it's like the energizer bunny.going and going down
Tick Tock. Tick Tock. Seems to sum it up best.
http://www.livecharts.co.uk/MarketCharts/silver.php
knew it was coming...
Have you seen this s***
Copper Is The New Gold Standard For Saving LivesOne effective strategy for combating these deadly infections is replacing some of the physical surfaces in clinical settings with antimicrobial copper. The Environmental Protection Agency (EPA) granted a public health registration to certain copper alloys for its ability to kill specific bacteria, including MRSA and e-coli. Unlike silver or any other touch-surface metal, copper is recognized by the EPA as being able to continuously kill greater than 99.9% of bacteria that cause hospital-acquired infections (within 2 hours).
http://www.forbes.com/sites/robertszczerba/2014/04/10/copper-is-the-new-...
https://www.youtube.com/watch?v=kUkg9jbc7HA
Yeah I use a copper based bottom paint on my world cruising sailboat. It's great stuff. Keeps nearly everything from growing on it.
http://coppercoatusa.com/
Copper bottomed boats were the elite warships of their era.
From the mid 1760s through the mid 1850s it gave the British both the advantage of speed by preventing growth of sea life on hulls, by allowing their ships to stay at sea for must longer, and finally extending the lifespan of all vessels.
http://en.wikipedia.org/wiki/Copper_sheathing
Copper bitchez. Get it while it's hot.
... and there go the PMs...
Gold almost hit $1250 today and silver was above $17. Not bad.
Right. It's, ultimately, a flight to safety. Copper is nearly all industrial. Silver is 60% industrial, so it could fall considerably more before the safety factors in. Gold is only 10% industrial. It will fall the least.
Hump daaaaaay!
No deflation there....
Boy, that escalated quickly.
https://www.youtube.com/watch?v=FONN-0uoTHI
AUD/JPY no likey likey. -100pips in past hour.
Anderson Copper 360?
Watch next how Dr. Copper fell down and dragged the housing market down with him, while fiddling as Rome burns and the Levee Breaks.
http://videosift.com/video/Hurricane-Katrina-When-The-Levee-Breaks-Led-Z...
of course equities don't give a sh*t. who needs a real economy when you have a printing press?
As long as our president is protecting islam all will be great and sell all your presious metals now before its too late. If you need just mail them to me
Sarc
The Chinese have been buying copper because they believe cars will be battery powered in future. Thick wires are needed to carry heavy current. Also, a commodity like copper can become part of the basket for SDR's.
Eventually the dollar will no longer be reserve currency, and some sort of SDR like basket currency may be pushed as an "international currency."
The ancient Gold Hoards, or old money powers, also want their Gold put into the basket. Of course Gold has little industrial value compared to other metals.
Dollar as reserve currency won't last.
will hemp also be included in the basket then?
http://www.energyharvestingjournal.com/articles/6809/could-hemp-nanoshee...
scientists are reporting that fibers from the plant can pack as much energy and power as graphene, long-touted as the model material for supercapacitorsthat would be a hoot wouldn't it?
Last call for Central Bankers and Politicos...
And its gone.
My Moonshine still project is very happy to hear this news, but my liver do object...
For once maybe ZH isn't exaggerating.