Dr Copper building potential head and shoulders formation

swissaustrian

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Copper is now sitting right at the 3.2 support. If it fails there, we're at 3.0 in a rush.

 

swissaustrian

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Copper touched 3.05 overnight in Asia. It has recovered to 3.155 but the important support at 3.2 is broken. My guess is that we're gonna be at 3.0 again soon.
 

benjamen

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A) This is yet another bearish indicator for the global economy. I for one really don't want to go through another 2008 scenario.

B) What is the cost to mine for copper? At what spot price would copper miners not be able to mine profitably?
 

swissaustrian

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The massive buildup in warehouse inventory at the LME is a very bad sign for the world economy.
 
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