Copper 02 (Nov 12 - Dec 25)

Re: Copper 02 (Nov 12 - Dec 17)

Postby winston » Wed Dec 06, 2017 1:35 pm

Copper price plunges amid rising inventories

Copper prices sink to their lowest level in more than two months, as some investors take profits following data showed an inflow into LME warehouses.

Comex copper for March delivery currently -4.4% at $2.952/lb. after falling below $3/lb. for the first time since early October and down more than 7% from three-year highs also reached last month.

After surging in response to strong Chinese economic data earlier this year, some investors now worry that a slowdown in China - which accounts for ~50% of the world’s copper consumption - could weigh on prices moving forward, and has prompted some speculators to take chips off the table, says Jefferies analyst Christopher LaFemina.

A stronger dollar also is weighing on prices by making copper and other dollar-denominated commodities more expensive for overseas buyers.

Source: Reuters
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Re: Copper 02 (Nov 12 - Dec 17)

Postby winston » Wed Dec 06, 2017 8:35 pm

Copper Is Flashing Red as Stockpiles and Spreads Point Bearish

1. Supply Swell
2. Loose Spreads
3. China Flatlines
4. Shanghai Reversal


Copper slumped as much as 4.7 percent on the LME on Tuesday to the lowest in two months.

Copper is still up 19 percent this year, the most since 2010, at $6,570.50 a metric ton.

There could still be a further $200-300 downside from here.


Source: Bloomberg

https://finance.yahoo.com/news/copper-f ... 26644.html
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Re: Copper 02 (Nov 12 - Dec 17)

Postby winston » Fri Dec 15, 2017 9:28 pm

March copper closed higher

March copper closed higher on Thursday as it extends the rally off December's low.

The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading.

Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices is possible near-term.

Closes above the 50-day moving average crossing at 311.28 would confirm that a short-term top has been posted.

If March renews the decline off October's high, September's low crossing at 291.35 is the next downside target.

First resistance is November's high crossing at 320.15.

Second resistance is October's high crossing at 327.90.

First support is December's low crossing at 294.30.

Second support is September's low crossing at 291.35.

Source: INO
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Re: Copper 02 (Nov 12 - Dec 18)

Postby winston » Fri Dec 22, 2017 8:30 am

Chart of the day: Copper scales heights in fourth quarter

by Nicole Elliott

It is interesting to see that volume and open interest in copper futures on the Shanghai and New York exchanges are close to their highest on record and consistently so since October.

While prices are roughly at their 12-year average, they have spent this quarter consolidating in what looks like a flag chart pattern, which suggests they are ready to rally in the new year.

Note how this month they have bounced strongly from Fibonacci retracement support before the 26-week moving average.

In the event of a weekly close above the top of the flag, we will stick to our third measured target at 57,125 yuan (US$8,674) per tonne and will not rule out a surge to 60,800 yuan.

Source: SCMP

http://www.scmp.com/business/markets/ar ... th-quarter
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Re: Copper 02 (Nov 12 - Dec 18)

Postby winston » Tue Dec 26, 2017 3:41 pm

China Top Copper Producer Halts Output After Pollution Order

Jiangxi Copper’s curbs in province to last at least a week
Follows similar halt at China’s No. 2 smelter earlier in Dec.

Source: Bloomberg

https://www.bloomberg.com/news/articles ... yptr=yahoo
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Re: Copper 02 (Nov 12 - Dec 18)

Postby winston » Wed Feb 07, 2018 7:54 am

Copper Outlook

by Henry Chan

The recent gains in copper prices could be a signal the market is out of touch with reality.

Investment in Chinese power plants and power grids have stalled amid a sharp slowdown in power demand growth, and signs that peak grid utilisation has dropped.

Chinese production of copper intensive goods like refrigerators, coolers, air conditioners, automobiles, have literally stalled at paltry growth. These are very disturbing signs, especially if growth cannot pick up again.

Meanwhile, world upstream copper ore stockpiles have surged above their long term average. This comes as Chile and Peru are ramping up their spending on copper mines, seemingly attracted by higher prices.

Copper needs a correction, and the market agrees. The Comex producer and merchant net shorts – or bets that prices will fall – have risen beyond the 30 per cent open interest threshold.

These traders are considered the smart money, whereas money managers are now euphorically on the long side. Yet, open interest has remained close to new historic high, a very resilient sign.

Source: SCMP
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Re: Copper 02 (Nov 12 - Dec 18)

Postby winston » Sun Mar 18, 2018 4:59 pm

Copper ETFs to Watch on Strong Global Fundamentals

China is the biggest consumer of copper, accounting for around 50% of the global demand for the metal.

Although Chinese imports of the metal declined slightly in February on a monthly basis, it rose on a year-over-year basis.


1. iPath Dow Jones-UBS Copper ETN JJC
2. Global X Copper Miners ETF COPX
3. United States Copper Index Fund CPER


Source: Zacks Equity Research

https://finance.yahoo.com/news/copper-e ... 09352.html
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Re: Copper 02 (Nov 12 - Dec 18)

Postby winston » Sat Jul 07, 2018 1:45 pm

Copper: What to Pay Attention to In Times of Uncertainty

By MALEEHA BENGALI

Speculative funds have been selling their long copper exposure over the last month.

According to most agency forecasts for copper, the market is in slight deficit for this year.


Upcoming labor negotiations at Escondida mine in Chile, world's largest mine - 200,000 tonnes.
The July 24 deadline is looming. After Escondida comes Codelco.


Source: The Street

https://realmoney.thestreet.com/article ... yptr=yahoo
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Re: Copper 02 (Nov 12 - Dec 18)

Postby winston » Fri Jul 20, 2018 7:44 am

Copper — a metal with a history of predicting economic trouble — hits 1-year low, nears bear market

The metal's futures for September delivery traded as low as $2.6735 per pound, their lowest since July 14, 2017.

“Demand still looked very good, [but] as the year unfolded, trade tensions started to weigh on growth,” says Suki Cooper, precious metals analyst at Standard Chartered.

"Dr. Copper," as it is sometimes referred to by economists and finance experts, is often seen as a leading indicator of future economic trends since it is used in a number of different sectors.

by Fred Imbert

Source: CNBC

https://www.cnbc.com/2018/07/19/copper- ... KW,1NL0H,1
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Re: Copper 02 (Nov 12 - Dec 18)

Postby winston » Tue Aug 28, 2018 7:51 am

Copper price has been tumbling since January, even though copper supplies at the LME are close to 20-year lows.
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