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By Chris Kelly and Harpreet Bhal NEW YORK/LONDON | Fri Jul 27, 2012 2:39pm EDT (Reuters) – London copper futures rolled gains into a fourth straight day on Friday, buoyed by growing expectations of further stimulus action from both the U.S. Federal Reserve and the European Central Bank. Dollar-denominated copper prices received an additional boost from the euro, which rallied to…
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Gold rose 2 percent to a 1.5 month high on Monday on technical buying as political uncertainty in Italy threatened to accelerate the euro zone’s sovereign debt crisis. Bullion was on track for its biggest one-day gain in two weeks as buying sentiment improved after Germany’s Chancellor Angela Merkel has ruled out using gold and…
Reuters Quote: Copper caps worst monthly loss since June 2010
“I still think there is still some work to be done,” said Adam Sarhan, chief executive of
Sarhan Capital in New York.
“We are seeing a light-volume bounce up to a logical area of resistance … there is also the
issue of a death cross, which bodes poorly for the near-term outlook.”
A death cross occurs when the 50-day moving average sinks below, or crosses over, its 200-day
moving average.
(Graphic: link.reuters.com/puk53s )
“As long as copper stays below its 50- and 200-day moving averages, the bears remain in
control.”
“All of these markets … aluminum, oil, copper … all had
big, big runs over the past few weeks. So what we are seeing is
just a sharp pullback,” said Adam Sarhan, chief executive of
Sarhan Capital.
The Reuters-Jefferies CRB index .CRB, a global
commodities benchmark, fell nearly 2 percent in its sharpest
one-day decline in a month.
“They all took the stairs up, but are now taking the
elevator down. The question is how far down will this elevator
ride go?” Sarhan said.