Weak demand and epic global supply, but as with oil, a falling U$ and speculative trading have been goosing copper prices over the past month. The higher prices rise, the more incentive to producers to ship even more excess supply…a self-defeating circle in the end.
Barclays Commodities Analyst Dane Davis weighs in on the copper rally. Here is a direct video link.
After all the usual suspects at central banks failed to hike rates at recent meetings, risk markets in North America are bouncing today. (Treasury yields are not so far agreeing with the inflation hopes of stocks, and are moving lower.) Apparently inaction is the new easing? Except in truth, inaction is not easing, and with everyone hoping to weaken their currency to boost sales, no one is likely to gain traction.
The Canadian TSX has rebounded back into the resistance box which was marked on March 7 below, as oil has bounced on talk of talks about the potential for maybe some agreement on a production ‘freeze’ at record levels from OPEC next month? Maybe? Not likely. But even if there were an agreement, the members have a bad history of cheating, and cash flow desperate people have a tendency to do just that. Then there is the little issue of the existing record global inventories and weakening demand…
Activist and The Nature of Things host David Suzuki reflects on life ahead of a milestone birthday.
Even if Suzuki isn’t giving up his outspoken ways, he has increasingly started to strike a different tone. He now admits that environmentalists have failed, fighting the same battles they believed were won 30 years ago.
“These victories were really pyrrhic victories” he said. “Because we haven’t fundamentally changed the way we see ourselves in the world.” Here is a direct video link.
