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Oil, Copper Face Pressures: Gartman

Monday, 1 Apr 2013 | 6:24 PM ET
Oil, Copper Face Pressures: Dennis Gartman
Monday, 1 Apr 2013 | 5:37 PM ET
Commodities trader Dennis Gartman shares his top trade in oil, copper, corn and gold.

Commodities trader Dennis Gartman said Monday on CNBC that he's on the hunt for lower-priced crude oil.

"There's plenty of $120 crude around," he said. "I think we're going to try and see how much $85 crude there is out there."

Gartman, who is editor of The Gartman Letter, said that he had seen prices weakening over the next week following a strong run, adding that "Brent particularly is sportily priced right here."

Copper, he also said, was likely to see price declines.

Copper inventories in Shanghai and London were at historic highs, signaling either stronger mining or weaker demand, and probably both, Gartman said.

"I think if you look at copper, if you look at tin, if you look at zinc, if you look at all the base metals, they're all under pressure, and they're arguing badly for the state of the global economy," he said. "Probably, copper wants to go lower from this point on."

Corn prices were also likely to follow, due to expected oversupply, Gartman said.

"I think you're going to start seeing $3 corn over the course of the next year, unless America's farmers bungle the job — and they're not going to," he said. "They're going to make a big crop this year. Corn prices are going a lot lower, I'm afraid."

The trades Gartman said he was eyeing were against corn.

"I think from here on out, I may want to buy gold and sell corn. I probably want to buy cotton and sell corn," he said. "I think those trades have some merits."

Trader disclosure: On April 1, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GOOG; Steve Grasso is long GDX; Steve Grasso is long HPQ; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MU ; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long VLO; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short SPY; Karen Finerman is short IWM; Pete Najarian is long AAPL; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long AMZN CALLS; Pete Najarian is long OKE CALLS; Pete Najarian is long PFE; Pete Najarian is long MRK; Pete Najarian is long BMY.

  Price   Change %Change
OIL
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BRENT
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COPPER
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CORN
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COTTON
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GOLD
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