Chart of the day: Coiled up with copper
Many years ago, there was a Japanese trader known as “Mr Copper” with an aggressive stance on the metal and allegedly controlling 5 per cent of the market. In 1996, his firm eventually admitted to losses of 285 billion yen (US$2.5 billion at today’s prices) and he went to prison. Today, cornering the market would be far more difficult with the emergence of Chinese exchanges and a wider range of producers. Even so, as we predicted last month, prices have risen strongly and volumes, both in Shanghai and New York, are close to their highest levels on record. Prices are roughly at their 12-year average and on track to meet our third measured target at 57,125 yuan (US$8,625) per tonne.
Nicole Elliott is a technical analyst