Metals continued to push higher yesterday, with nickel and tin...

Metals continued to push higher yesterday, with nickel and tin in particular being very strong. Copper also advanced, although its daily gains were not as pronounced as what we saw earlier in the week. There was no change in the underlying reasons behind the surge; continued dollar weakens, fueled by an unchanged revision to the US GDP report for Q4, (coming in at +.6%), and yet more signals from Chairman Bernanke that additional rate cuts could be on the way, helped boost a variety of commodity complexes, base metals among them.
Despite another record low seen on the dollar vs. the Euro this morning (and a three-year low reached against the yen), commodity complexes are mixed, with precious metals in record territory, while base and oil markets are off. Despite the mixed start and generally overbought conditions, another run to the upside cannot be ruled out, as money flows into commodities remain strong. In fact, the lead story in today’s Wall Street Journal entitled “Commodity Prices Surge, As $$$$$ Investors Seek a Haven” $$$$$$ (my highlighting) makes this very point-- readers can email this writer at [email protected] for the link.
On the US macro front, we get a number of statistics today, including personal