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Resistance in Copper


Unfortunately for gold bulls anecdotal demand news from India and other portions of the Middle East remains discouraging, with regional lockdown still dealing a significant blow to retail sales and that action resulting in a deepening of regional gold discount pricing.


As indicated in the gold and silver coverage today we see portions of the precious metals complex as significantly cheaper than others. Platinum is certainly cheaper than palladium given its current price is $1200 or 50% below its all-time high, while palladium is $300 below its all-time high.


From a technical perspective, copper appeared to run into very solid resistance at $3.6180 yesterday. However, given strong Chinese industrial profits yesterday, a larger than expected US stimulus prospect and reports of extremely busy US West Coast ports, we would have expected the copper market to have held all its initial gains yesterday.


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