Record Highs In Copper, Are You Long?
Copper hit record highs on
fears mining companies won’t be able to boost production enough to cope with
global demand.
Copper
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HGU05 |
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PowerRating) +2.13% hit 16-year
highs in New York and an all-time high in London today as the London Metal
Exchange announced stockpiles are down 48% this year and currently at a 31 year
low. The news helped push Phelps Dodge
(
PD |
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PowerRating) +2.42% within 0.32 cents of a new
all-time high.
Crude Oil
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CLU05 |
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PowerRating) +2.66% closed at $58.65 per barrel,
bouncing from support formed on 06/30/05. Occidental Petroleum
(
OXY |
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PowerRating) +3.14
reported Q2 profits doubled. Occidental was paid an average of $45.41 per barrel
of oil (+37% y/y) and $5.16 per thousand cubic feet of natural gas (+21% y/y).
The company is the 4th largest US oil and natural gas producer by market cap.
Heating Oil
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HOU05 |
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PowerRating) +0.96% and Harbor Unleaded Gas
(
HUU05 |
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PowerRating) +2.63% both closed higher and were highlighted as possible Turtle
Soup Plus One Buy Setups last night.
The Japanese Yen
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PowerRating) -0.75% gave back some of
yesterdays gains as the market had more time to digest the news of China’s
currency revaluation. The Yen had its biggest rise in over 3 years vs. the US
dollar yesterday but the rally was deemed excessive by the market today.
US 10-year Treasury Notes
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TYU05 |
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PowerRating) +0.30% rallied after
yesterdays decline had pushed yields to a 2-month high.
Pork Bellies
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PBQ05 |
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PowerRating) +2.90% hit a new 3-week high and
were highlighted in TradingMarkets.com Momentum 5 list last night.
Cotton
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PowerRating) +2.37% was the only other notable mover
in the futures markets today.
Ashton Dorkins