My market is London Metal Exchange, not Nymex. Did you get it correct?
Hang on a minute,
According to my NYMEX data, that price was not traded at on the 23rd (the day you posted that)... only a few trades yesterday traded at that (the equivalent of) price, or the the 22nd.
Care to elaborate?
Yes, but there must be correlation otherwise the arbitragers would be all over it like a rash and close the difference in a heartbeat.My market is London Metal Exchange, not Nymex. Did you get it correct?
WayneNYMEX contract is priced in USD per pound
LME contract is priced in USD per tonne
My question was whether is was imperial tons (2000lbs) or metric tonnes (~2,200 lbs)
I've now figured it out for myself.
Cheers
Copper inventories at LME are continuing to decline, and cancellation rates are increasing.
No sign yet that a change is about to take place.
If it's China restocking, then the turnaround will be swift.
If it's not, then copper will claim $10k this year - in the last quarter - if stock levels reach former lows.
Note that only copper inventories fell at LME warehouses overnight, with cancellation rates remaining quite robust.I see the same thing, re the continued copper draw downs, LME will be below 100kt's in 15 days at this rate!
Then it should be game on!
I think Brend needs to reply to Wayne's Q and post a chart clearing up the issue about that price & date
Sure, is it so important? I thought my prediction on the direction has already proven to be right?
I have asked my client to place a limit order, the price did not reach there. But market order was done at lower level, price comes down, my clients buy back to take profit, still make money. My clients bought back at $7170 yesterday, you can check if this price is traded yesterday.
I've asked my clients to short zinc at $3700 today. If zinc does not reach this level, but still come down from $3670, I'll still ask my clients to execute a market, and short zinc.
Ahh!Wayne
Apologies for the belated reply.
I thought your original question was a trick question as there is little difference between an imperial ton (2240lbs) and a metric tonne (2204lbs) - while there is a huge difference between those and a short ton (the 2000lbs "ton" that is the US standard).
Any arbitrage opportunity is clearly based on the common denominator of "one pound", which does not vary across continents and is the basis of "pricing" the metal.
Ahh!
Thats where I was getting confused. Didn't realize there was a short ton and long ton.
All clear now.
Hey Wayne,
Just curious why is the year 1984?
I was born in 1984
Note that only copper inventories fell at LME warehouses overnight, with cancellation rates remaining quite robust.
Note also that copper inventories are falling at COMEX warehouses, albeit relatively steadily.
Into the next half the copper story will unfold based on concentrate availability, which already is looking a bit dodgy. My suspicion is that copper prices will not decline to any significant degree unless concentrate availability improves markedly: Presently there are no suggestions this will occur within this year.
Without concentrates, Chinese smelters will quickly run down refined inventories and, as YT puts it, it's "game on".
Hey Wayne,
Just curious why is the year 1984?
I was born in 1984
\Another bullish note for copper is the COT report, obviously not an indicator on its own but....
The commercials are increasing thier net long positions, from a decrease in net longs recently....and opposite to this is the funds, and they are increasing thier net shorts....usually a bullish sign.
Rederob or YT do you use this?
http://www.upperman.com/mprof/p57.gif
Will be an updated graph tomorrow morning i think.
Cheers,
Nineteen Eighty Four by George Orwell
My view on copper changes 180 degree today, turn bullish now.
Wow, you are a young trader...
6mth copper stocks. Lets see what happens in the next few weeks...it has to at least stay strong or increase, surely... any thoughts???????????????????????????????????????????????
Should be down.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?