Fundamental Overview Last Friday, the PBoC announced new easing measures which included further rate cuts and stock buyback funding. Moreover, we got some positive economic data with Retail Sales and Industrial Production beating expectations by a big margin. These catalysts provided support for copper which erased most of last week’s losses. Copper Technical Analysis – […]
We expect notable CTA buying activity in Copper markets this session to set the stage for subsequent buying exhaustion, TDS senior commodity strategist Daniel Ghali notes. CTA buying activity in Copper to slow down “CTA trend followers will now be tapped out without a substantial rally propelling Copper prices back towards the $9,800/t mark. The […]
In May, Copper supply exceeded demand by 65 thousand tons, with the ICSG reporting a supply surplus of 416 thousand tons for the first five months. Even though seasonal effects play a role here and the seasonally adjusted market surplus also reported by the ICSG was ‘only’ 250 thousand tons, Commerzbank’s commodity strategist Barbara Lambrecht […]
Fundamental Overview Copper experienced a strong rout last week with market participants blaming the soft Chinese economic data and the increase in inventories in most global warehouses suggesting some weak demand. The PBoC tonight surprised with rate cuts across many key benchmarks. Moreover, the recent PBoC policy framework reform suggests that the Chinese officials could […]
Copper Technical Analysis | Forexlive
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Fundamental Overview Copper has been rallying like crazy in the first part of the year amid a pickup in global growth, Chinese stimulus measures and concerns over tightness in global mine supply. Unfortunately, as it’s often the case, the rally attracted the momentum players, the price got overstretched and we got a big correction to […]
