Copper Update....
I'll not say I told you the markets were getting ready for a change of plans but they are. There are some big extreme's and at the front end is copper. If rates do not increase too much we should see copper rise again as I was mentioning but for the mean time the smart money is pushing it lower. I have been holding it for a few days now and likely will not be looking to take profits for another few days at least. It could go as low as 2.33 before seeing any sort of bounce. Time will tell.
Copper is an important part of building and with the building boom in the US at the moment it is not likely to cool any time soon providing rates do not go too high. What one has to consider too is that there are alternative building materials that can be used these days and more coming onto the market every day. Copper is used in plumbing and electrical because it is a good conductor of electricity. Not as much in plumbing any more because of the new products.
Anyway now is not the time to sell. I would wait for a pull back to determine price action before I make any recommendations. If you took the trade with me good for you. Protect your profits and let it run some more. Cheers!
Copper is an important part of building and with the building boom in the US at the moment it is not likely to cool any time soon providing rates do not go too high. What one has to consider too is that there are alternative building materials that can be used these days and more coming onto the market every day. Copper is used in plumbing and electrical because it is a good conductor of electricity. Not as much in plumbing any more because of the new products.
Anyway now is not the time to sell. I would wait for a pull back to determine price action before I make any recommendations. If you took the trade with me good for you. Protect your profits and let it run some more. Cheers!
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