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Commodities catching a Bid today
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
traderdannorcini.blogspot.com / By Dan Norcini / April 9, 2013
The overall tone of the commodity complex is firm in today’s session as the CCI is up. From what I can see, some of this is tied to news out of China that inflation is relatively tame. This has traders breathing a sigh of relief that there will be no raising of short term rates anytime soon in China. Traders are already fearful enough of slowing growth so the last thing that they want to hear coming out of China is anything that might dampen what economic growth there is.
The second main thing is the Chilean copper strike at the giant state owned mine, Codelco. Chile produces approximately 1/3 of all global copper and thus anything that might interfere with the supply piques traders’ interest. The immediate result of any strike will be to alleviate concerns about the rising stocks of the red metal at the LME, one of the main factors behind the grind lower in copper prices as hedge funds have noted that and have been heavy sellers of the metal. We are seeing some short covering occur in there.
There has been a subsequent spillover effect on silver also as a result.
Thanks to BrotherJohnF
2013-04-09 13:03:24
Source: http://silveristhenew.com/2013/04/09/commodities-catching-a-bid-today/
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