Copper : Add to Long @ 428

• Hit by deflationary fears from Middle East and North Africa turmoil.
• Pull back from 462.6 to current 428 = buying opportunity.
• Monthly : Uptrend. 427 good support.
• Weekly : Uptrend seeing consolidation now.
• Just bought May11 Copper at 428, increasing long position. Expect volatility and difficult moments but uptrend should reassert itself once markets get used to Mid East/N Africa worries.
• Closed out Brent, Simsci, Wheat, Sugar and reduced Soybean positions today to make room for this. These have all benefited from the Libya/Gaddafi factor whilst Copper has suffered. Thus, effectively betting Libya gets pushed aside in due course. Key is sizing to withstand the adverse swing.