From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley
June is officially in the books!
Now, it’s time to dig into a fresh batch of monthly candles…
As everyone prepares to celebrate over the long weekend, we’re pouring over our monthly charts to reconnect with the primary trend.
And we witnessed some key developments in the commodity markets in June that are hard to ignore:
- Lumber was down almost 45%
- Copper was down 8%
- Natural Gas was up 24%
- Crude Oil was up 10%
Tumbling lumber futures and copper’s failure to hold above its former 2011 highs raised caution for risk assets.
On the flip side, natural gas and crude oil continued to show strength, supporting the potential rotation into energy we highlighted in last week’s post.
But what stands out when reviewing our charts is the resiliency of other base metals as copper prices correct.
Let’s take a closer look at a few charts that go beyond good old Dr.Copper. [Read more…]