Copper Hits Record High On Rogue Trader Losses
Energy prices were flat today, except
Natural Gas which fell sharply. All the energies posted losses for
the week as rising inventories helped drive prices lower. Crude Oil hit a
5-month low this week.
Copper hit another all-time high today as speculation mounted
that the Chinese government doesn’t have enough of the metal to cover the losses
of a rogue trader. All the major metals posted strong gains for the week, driven
in part by inflation concerns.
Treasuries closed lower and the US Dollar Index closed
fractionally higher but trade was light without any economic news to drive the
bond or forex markets.
The major grains were lower with Soybeans leading the decline.
Wheat extended its downtrend, hitting a new contract low today. Corn also
declined to set a new contract low.
In the softs, Coffee, Sugar, Frozen Orange Juice, Cotton and
Lumber all closed lower. Cocoa jumped higher with concern about the situation in
the Ivory Coast being cited by some traders as the cause. Livestock was mixed
today.
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Economic News
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Ashton Dorkins