Analyst Ed Meir looks at what’s moving the metal markets on Wednesday Copper: Copper staged a modest retreat on Tuesday, but not before it hit a fresh 2009 high of $6,570 per tonne. The complex has been shadowing the dollar almost to the tee for much of the week, and when the dollar failed to break the $1.50 mark against the euro on Tuesday, it may have prompted a bout of mild short covering to set in that led to copper’s subsequent selloff. Right now, copper is at $6,400 per tonne, down $16. Apparently ignored for the moment is the Spence strike (now entering its ninth day) and news from BHP Billiton that it would declare force majeure at its Olympic Dam facility. Full output is expected to resume in the first quarter...
