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Chile copper mine explosion
Reuters/Ivan Alvarado
A safe vantage point.
WORKING FOR THE WEEKEND

It was a bad week for assets except for copper—and even the news there wasn’t good

By Melvin Backman

Everything was bad in the markets this week. Stocks fell in Europe. They fell in the US. They fell in Asia (except in China, which is problematic for its own reasons). The mighty dollar fell. Treasuries sold off. Commodities did okay, led by copper, but even that wasn’t because of great news. It rained so much in Chile that the mines closed because of flooding, crimping supplies and putting people out of work. But if you put your tax refund in a copper ETF last weekend, then 1) wow, good call and 2) congrats on your almost singularly good week.