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Copper through a key level

4/17/2013 9:20:00 AM
By: Emerging Money
Referenced Stocks:

Copper ( JJC , quote ) is sufficiently through the key $3.35 level and makes us quesiton a lot of things about the US housing recovery and China's ( FXI , quote ) restocking.

Copper, down 3.5% today, is seeing a real breakdown. This is partially due to sentiment from China's state copper player, CICC, saying that it was lowering its 2013 price target on copper as the company doesn't have the same restocking demand.

Meanwhile, the CEO of Chilean outfit Codelco on Reuters said that he remained optimistic about copper prices, claiming that it is too soon to speak about slowdown in China and that he expects current market price volatility to continue in short-term.