Last week, a number of analysts were extolling copper as if some kind of breakout was imminent.
Well, don’t look now, because copper is at a one-month low.
The simultaneous falls in the Canadian dollar and copper show the latest jitters are more about global growth than anything else.
Soft Japanese exports are getting the blame today but I look to last week’s Chinese GDP report. Sure it met expectations at 7.4% but my belief is that the market was expecting +7.7%.
