What a difference a day makes. On Friday, Doctor Copper was surging on the back of dismal home sales data and the hope of moar money; today, following the terrible durable goods data, the economist-metal is plunging rapidly.
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We mentioned critical levels for copper yesterday [4] and questioned the sustainability of the recent rally in light of the cash-for-copper financing deals; it seems that anxiety is leaking into prices (as we are not seeing broad weakness anywhere else).
Chart: Bloomberg