US copper futures are at 3 month lows as traders start jumping on the Dectaper bus. The falls are also combined with record refined output in China which rose 23% in October.
Michael Turek of Newedge gave some proper blunt analysis;
“Imminent tapering and Chinese output surges compounded the weakness. The markets seem to be getting short enough to set themselves up for a decent year end rally, but for now if these markets pick their heads up they appear likely to get kicked in the teeth”
Dec copper is down around 2.3% at $315.95
The falls in price and surge in output from China will be playing on the currency pairs also and AUD/USD is struggling to get off the mat after it suffered a kicking of it’s own through 0.9300.
US December copper futures 13 11 2013
