Why Copper Has Been A Big Mover Recently
Despite lower oil prices,
gold and treasuries closed higher, while the US
dollar and equities both finished lower, as news from the war in Iraq continues
to dictate the direction of the markets.
Equities
Stocks fell for a third day on concern that the
war in Iraq is having a bigger impact on consumer goods and services than
originally believed. Lower US consumer confidence also weighed on the markets. The S&P
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6.00 to finish at 861.50; the Dow
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finish at 8100; and the Nasdaq
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closing down 12.00 at 1065.50.
Fixed Income
Treasuries were up for a fourth day in a row. The 10 year contract
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closed at 114-110, up 0-135; the 30 year
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up 0-105 to close at 113-055
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Metals
The market is blaming yesterday’s big move down
in copper on commodity fund, speculative funds and Chinese traders aggressive
selling the commodity. The base metal has been tracking the equity markets as of
late. Copper was down .35 to finish at 72.80
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climbed 3.10, to finish at 331.50
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Energy
Oil futures backed off .21 to close at 30.16
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However, natural
gas was up another .049 today and closed at 5.146
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Currencies
With the exception of the Canadian dollar, the US
dollar closed lower relative to all of the other major currencies. Overall, the USD index
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down .77 and
finished at 100.35.