Monday, June 7, 2010
Copper prices going up... or down
So, who you gonna believe? My friend Tom, who follows the mining market pretty closely, forwarded links today to a couple of analysts reports. One noted that in May, commodities dropped the most since 2008 with copper falling 7.5%, with a warning that the 'peak in industrial growth is imminent' which seems to be fueling concerns of a double dip recession.
[right, plot of copper price vs the S&P 500 over the past year. Credit, Bloomberg]
Another argues the market is at one of its most oversold positions in decades and poised for a huge rally.
Me? If I had any money left in my retirement account, I'd invest it in oil dispersants.