Here is Coffee:
Here is Sugar:
Here is the Soybeans Chart:
Here is Copper:
Hey, what gives?
Sugar and Coffee have been driven higher with the recent dry, hot spell in those growing regions of Brazil; however, what really kicked them higher has been the massive number of speculative short positions that are being forced out by the buying that has moved across the entirety of the commodity sector. Beans are being carried higher by some of that same weather talk from Brazil but I think that is more of a knee-jerk reaction as they are grown in a different region. Tight old crop ending stocks are what is kicking that market higher.
Of course crude oil remains strong as does cotton, cattle and hogs.
What I find very odd however is the copper chart. It has managed a bit of a bounce off its recent lows but on a day like today, when there is a orgy of buying ( and that is the best word I can use to describe this sort of bizarre buying ) copper is actually moving lower. Lingering Chinese fears continue to undercut copper even in the face of a soaring US equity market. This chart bears very close monitoring as copper has a very solid record for its overall predictive ability in regards to global economic growth or the lack thereof.
The rate at which some of these markets is rising is simply too steep to be maintained for much longer. Would be buyers in some of these rocket shot moves, be careful....