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What's with MTX ?

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TraderSteve
Frequent Contributor
Down 6% at the moment. Dropped hard yesterday too.
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5 REPLIES 5
asylum
Super Contributor
SHANGHAI (XFN-ASIA) - The Shanghai Futures Exchange said its copper stockpiles surged 54.05 pct to 31,188 tons in two weeks to Feb 15, maybe over supply?
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Not applicable
But the copper price has increased between 10% to 15% over the past few weeks. The trading statement of MTX however was far below the market expectations. However I am of the opinion that MTX seen over 24 months in the future is a bargain at present prices.
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Hedgehog
Frequent Contributor
Hi Richie Rich I am just as amazed by ABSA and Woolies dropping. Nothing fundamentally suggests that they should, yet they do. Its just that the market does not like it now. I am at work, but remember looking at the MTX charts this morning at home for a possible short. It was breaking down from a channel or a broadening formation if I remember correctly, check it out if you have access to the charts. It is behaving according to the technicals.
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Not applicable
I agree. Charts definitely showed a further drop for this morning. I jumped in and sold all my remaining contracts at an average of 1184 underlying. Still at a profit. I will come back at a later stage and start buying again after the charts show that the storm has abated. I made very nice profits the past 4 weeks on MTX.
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jamoo
Frequent Contributor
hey, you can make money in both directions. there is no point staying out.
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