The fears over ongoing commodity-financing restrictions and slowing money supply growth are contagiously spilling over into other collateral. Copper prices are in free fall this morning, crashing through critical levels (especially Dennis Gartman's "long punt" [5]) and back below the Maginot Line of $3.00. These are near 3-week low levels and the biggest drop since the cash-for-commodity financing deals came under real pressure.
Sadly - we noted this morning that...
Gartman is bullish copper again. Just FYI...
— zerohedge (@zerohedge) April 11, 2014 [6]
And then this happened...
[7]
Smashing it back near 3-week lows...
[8]