Copper: Price Reverses After Hitting Fresh 3 Year Highs After a strong start to the week, printing further fresh 2017 highs, the red metal fell back over the latter part of the week as concerns around China fuelled profit taking. Driving the rally over the first half of the week was a report from the top global copper producer, Codelco, noting ...
Copper: Alternative Demand to Offset China Weakness? After surging higher last week, Copper prices fell sharply lower this week as the US Federal Reserve raised rates for the second time this year. Citing strong economic growth and labour market conditions, the Fed raised rates a further 0.25% to take the federal funds rate to 1% - 1.25%, its h...
Copper: Red Metal Suffers Worst Decline in 19 months Following a recovery last week, Copper prices plunged once again this week to mark three weeks of decline over the last four. The catalyst behind the decline was a mixture of weak China data, rising copper inventories, and a hawkish FOMC. The latest manufacturing data out of China this week ...
Copper: Industry Executives Expecting Higher Prices Copper prices rose this week despite boosted by weakness in the US Dollar in response to a weaker-than-expected ISM non-manufacturing print. In a note released this week, BMI Research suggested that the recent 43-day strike at the Escondida mine had less of an effect on the nation’s copper out...
Copper: Strikes End But Flood Damage Keeps Price Supported Copper prices rebounded this week following a decline last week on easing supply concerns. The resolution of strikes at Freeport’s Grasberg mine in Indonesia and BHP Billiton's Escondida mine in Chile fuelled a sell off last week as expectations of increased supply weighed on the price....
Copper: Stronger USD Weighs on Copper After showing initial strength on the week, Copper prices retreated and turned lower as the release of the FOMC minutes gave further bullish signals. The minutes showed that many participants feel it will be appropriate to raise rates “fairly soon.” While the minutes fell short of indicating a March hike, ...
Copper: Weak US Data Fuels Dollar Unwind Copper prices sustained a significant rebound this week benefiting from a weakened US Dollar on the back of poor data. US Consumer Confidence released on Tuesday was weaker than expected at 98.6 from 103.5 in September. This softer figure comes after two consecutively monthly gains on the reading and re...
Copper: Weak China Industrial Data Weighs Copper prices continued to sell-off this week weighed upon by a stronger US Dollar in response to the strengthening of Clinton’s lead in the election polls following another win in the final debate. The sell-off comes despite better data from China recently which has warded off concerns that Chinese g...
Iron Ore: Supported by position squaring Iron ore prices received a boost this week to reverse recent weakness. Traders have been covering short positions ahead of public holidays in China next week leading to a rally in the commodity. With exchanges due to be closed next week for the National Day holidays, we have seen traders squaring up posi...
Copper: China Demand Fuels Rally Despite some initial softness on the week as investors scaled back ahead of the US interest rate decision, copper has now surged higher to print new highs on the week. The market’s reaction to the Fed lowering their dot plot for 2016 and 2017 has fuelled a sharp USD sell-off which has broadly boosted commodit...
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