Archived IMT (2010.04.13)

AUSSIE RETREATS as COPPER extends 1-week decline from its 20-month highs of +8,000/tonne. SEE CHART http://chart.ly/96k956 Fears that chinas copper purchases are increasingly used for stockpiling as well as the latest directive from Chinese regulators to rein in bank lending have triggered coppers sell-off. While care must be paid when shorting the Aussie, the emerging double top with the Nov 16 high (failing 0.94) suggests interim downside at 0.92, followed by 0.915. Considering our alerts with the peaking CRB (last week) and struggling oil prices, we may witness a case of energy prices leading metals on the downside.