Skip to comments.Markets Are On A Tear, Copper Is Going Nuts
Posted on 05/03/2013 10:53:25 AM PDT by blam
Markets Are On A Tear, Copper Is Going Nuts
May 3, 2013
The market rally is looking pretty good with just two and a half hours until the closing bell.
The Dow's at 14,985, up 153 points.
The S&P 500 is at 1,615, up 18 points.
Also, copper is at $3.30, up a whopping 6.6%. Copper is often considered to be a bellwether of the global economy.
All of this comes after a strong jobs report. This morning we learned that U.S. companies added 165,000 nonfarm payrolls in April, which was much higher than the 140,000 expected by economists.
The unemployment rate slipped to 7.5% from 7.6% a month ago. This comes as the labor force participation rate remained unchanged at 63.3%.
"Relative to expectations in the wake of the tepid ADP report, the BLS vintage represented a bon cru,"" said Societe Generale's Brian Jones praising the report.
(Excerpt) Read more at businessinsider.com ...
How are pork bellies doing?
But then, I come from an age when global warming was called weather, and news was to inform you so you could think for yourself, not to tell you what to think.
Looks like the Fed decided to spend a few billion of the $90-billion dollars per month stock market stimulus on copper.
More working, but actual working hours fell.
Some lyrics from “P T Barnum” come to mind.
There is a sucker born every minute
Each time the second hand sweeps to the top
Like dandelions up they pop,
Their ears so big, their eyes so wide.
And though I feed em bonafide baloney
With no truth in it
Why you can bet Ill find some rube to buy my corn.
Cause theres a sure-as-shooting sucker born a minute,
And Im referrin to the minute you were born.
Each blessed hour brings sixty of em
Each time the wooden cuckoo shows his face
Another sucker takes his place,
And plunks his quarter on the line
To buy my brand of genuine malarkey.
God bless and love em!
But dont feel sad or hoppin mad or cause a scene
Cause theres a sure-as-shooting sucker born a minute,
But Maam you mighta been the minute in between.
Keystone is coming, fracking continues, global warming theories being laughed at, Obamacare falling apart.
Market could go to 16,000 fairly soon.
"Turn Those Machines Back On!"
It’s a false recovery.
It’s climbing the cliff higher before you fall off.
Ride it up as far as you’re comfortable, but I’d have a “profit taking” point set before you get into it.
The famous (or infamous) CME frozen pork belly mkt closed for good and all last year. Industry needs for bacon have changed to the point where large users are now ALL slicing their own.
Don’t get carried away with the increase in copper prices. 17% of the world’s production was taken out two weeks ago at Bingham Canyon, UT by a massive landslide.
interesting ... wonder why that didn’t make the news at 6...
You can look it up on the search engines and it’s quite impressive. It is the talk of the mining and heavy equipment industries as it was probably one of the greatest slides ever. Buried something like 50 or more pieces of heavy equipment but with no loss of life.
Just announced yesterday that they’re going to put the mine back into operation. It’ll probably be the largest earth moving exercise ever.
Our local power company better start watching out for it’s ground wires on it’s equipment as some fools have been known to steal $100.00 dollar’s worth of copper and do a million dollars in damage to do it.
You can almost smell the kool-aid when you read this...
Why wouldn’t the price of the stock market go up when expressed in terms of the currency of a nation that is running the printing presses non-stop?
Many believe that that's what's happening. I'm of that belief too regarding stocks. But, not copper.
But inflation affects the price of everything, including copper.
Now, show me a chart of the price of copper expressed in barrels of oil and *that* would be an indicator.
Yup. Makes sense.
That is good news about the copper, in the last two weeks I have scrounged over 60 pounds of heavy gauge copper cables left over from a project at work and were just left in a pile, owner says take them, also in about 2 hours I will be taking apart a huge dry three phase transformer, should have about 50 pounds of flat strap copper windings in it, also I have two 50hp three phase junk motors to strip, each should give me 20 plus pounds of copper wire.
Copper thieves stole 200’ of welding cable from my job last years, will cost me $1600 to replace them all for maybe $150 worth of copper.
Targets of opportunity, if its ungarded it will get hit.
A commercial electrical warehouse just down the road from me has a retired Marine vet in a trailer now living onsite the thefts were getting so bad.
They are even steeling aluminum triplex thinking its copper.
I would hold on to it for a while. The scrap price will go up from this low....here is a chart showing where the price has been over the last year:
Much better view. We follow coper because its one of our raw mats and the trend has been down the last few months.
Word will get out and the local night time copperheads will pay another visit to my job site, I could see where they tried to remove the copper with maybe nothing more than a knife, this transformer is huge, it was shorted on one coil years ago and tossed in a junk pile years ago, doesn’t use wires, all the windings are actually copper ribbons, the most sought after scrap copper type.
Speculation fueled by faulty, politically motivated data. Copper was tanking until yesterday. What changed? The jobs report. Will this change? Yes, recent history indicates it will be revised downward.
The whole thing is well past starting to look like a shell game for insiders positioned to profit most from the speculative spike driven by the political pronouncements that are somehow vaguely related to actual economic activity.
Is there money to be made? Sure. Is it real? No. Real enough in the pockets of those who acquire it, though. So, the progressive tilt-a-whirl keeps spinning on, fueled by amoral erstwhile capitalists.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.