Is the commodities rally done?

Here’s the daily continuation chart of commodity index futures since July. Note the new highs on weakening momentum:

Source: futures.tradingcharts.com

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The oil and base metals markets are similar. Here’s the base metal index, from kitcometals.com:

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And oil futures, from stockcharts.com (3-year chart):

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See also:

Copper looks set to fall hard (12/21/09)

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