If roller coaster is your idea of a good time then you will enjoy the current happenings in the international market. Copper failed to build upon the gains above 1700 dollars/mt. But this party is far from over. US equities have taken one bad news after the other on their chin and have one bad news after the other on their chin and have avoided a much anticipated sell-off. The US dollars refuses to roll over and is correcting only gradually downwards, however, it is worth mentioning that the Bank of Japan has repeatedly intervened as and when JPY has appreciated against the US dollars.In spite of decrease in consumer spending and fall in consumer confidence in US in May the economy still has some positives like slight increase in industrial production and far from worse un-employment situation. I remain positive on base metals especially in copper where the concentrate market is expected to tighten further. I fell that dips towards early 1600s dollars will present good long term buying opportunity. In short term copper needs to regain 1675 dollars by this week in order to avoid further fund liquidation.
NSTL
