On the subject of rallies, the Dakar Rally (ex-Paris/Dakar) starts tomorrow. This edition is being held in Argentina and Chile.
Above is a cool hi-res photo to click on
“I’ve been down so long, being down don’t bother me.”
(trad. Blues standard)
Maybe it’s just because they were so low they couldn’t go no mo’ low, but the base metals complex is starting 2009 in fine style. Charts please, maestro!
Copper
Zinc
Lead
Nickel
Again, my eye is caught by Zn. While copper dropped from above $3 to under $1.30, zinc has stuck around all this time at $0.50/lb or so. To me, this points to the “well, it can’t go any lower than this, can it?” line of thinking. The rebound in BMs over the last couple of days may well be monetary in its nature and less to do with actual demand (though that Chinese stockpiling news does suddenly spring to mind). Whatever it is, it’s welcome.
Now to watch and wait and see if it holds. Betcha the Peru stock market makes headlines this afternoon.