Whilst the broader market saw moderate weakness into the close, there were significant declines for the copper miners. Freeport McMoran (FCX) and Teck Resources (TCK) settled lower by -1.4% and -3.9% respectively. Near term outlook is bearish, before renewed upside into June/July.
*first, an update on Copper, monthly
Copper - like Oil and many other commodities, is seeing a multi-month bounce.. but the big $3 threshold will not be easy to break/hold.
Deflationary downside for the summer would be the low $2s... along with Gold $1000 and Silver 12/10.
As for FCX and TCK, FCX is clearly the superior stock, but now its vulnerable not only to weak Copper prices, but Oil prices - as it has a sig' Oil/gas subsiduary.
*I have ZERO interest in going long ANY of the miners (Gold, Silver, Copper, or Coal) until the autumn... at which point Gold should be around $1000.