I would not count out further upside spikes higher if another terrorist attack occurs in the US, but a trend needs to see an ongoing reason of merit. A break to near 280 or so would not be out of the question, and gold may find solid support in that area. Another dreary day in the seemingly endless string of dreary days in the copper market. As is the case with gold, there is little reason to expect current military activity to result in higher copper prices. There are huge supplies of copper on hand, while demand is weak.
Copper continues to fail to impress.
At this point it has given no sign of a low or a turnaround in its fortunes. More liquidation with the recent low just tagging the 20 day average where buyers were found. Traders see the supply of cocoa out of the Ivory Coast as increasing, which added to the negative tone. This is the time of year that cocoa supplies increase. Add to that demand that is at best stagnant, and one begins to see cocoa as potentially substantially over priced.