From the desk of Steve Strazza @Sstrazza and Ian Culley @Ianculley
We can’t ignore the resiliency in base metals.
And now we’re beginning to see signs of serious leadership emerge as Crude Oil consolidates its recent gains. The broad-based strength beneath the surface for this procyclical group of commodities has been undeniable. These risk-on metals have been the steadiest performers within the entire asset class for the better part of this year.
Steel has relentlessly pushed to new highs –we can’t wait to see those monthly candles! Tin followed through to the upside after last week’s breakout to new all-time highs. Even Copper has enjoyed a strong week as it challenges its 2011 all-time highs.
If the global growth narrative is going to take back off, we’d expect to see this kind of strength from industrial metals.
Now let’s take a look at a couple of metals that are leading the charge recently: Aluminum and Nickel. [Read more…]