Copper's Record Rally Unravels

From beemarkets.com

A nearly 9% drop in copper prices over the last two trading sessions marks a sharp return to reality for a market that analysts say had surged far ahead of its underlying fundamentals. The recent rally, which pushed copper to a record high of $14,527.50 per metric ton last Thursday, appears unsustainable when measured against weak demand, rising stockpiles, and the prospect of increased supply. Fundamentals Clash With Speculative Highs Analysts argue that the recent price action was driven more by speculative momentum than by market realities. "Prices had moved way beyond fundamentals, pushed up by investors ... (full story)