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11/26/14

Chart of the day is...

...the copper/oil ratio (using WTI):



Back in 2012 this spiked to 0.04X because copper was spiking to $3.90/lb and trading happily at $3.40 to $3.70. This time it's because of the way copper's holding tough at three while oil...well, you know what that's been doing since September.

So copper's relatively expensive compared to oil again. But it's not weirdly expensive and as seen in 2012, it can hold this ratio quite happily for weeks on end.