Copper Slid, Buts Sees Support From China By Thomson Reuters - Mon 14 Oct 2013 07:57:03 CT London copper edged lower due to worries about the United States' fiscal deadlock and disappointing Chinese export data, but prices were given some support by healthy copper imports into China last month. ----------------------------------------------------------------------------------------------------------------------------------------------- Commentary: This market continues down the path of irrationality as it is up 3 cents this morning on news of China's drop in exports.
Copper Slips Off 2-Week Highs By Thomson Reuters - Thu 17 Oct 2013 07:11:33 CT London copper edged back from a two-week high hit earlier as Washington sealed a deal to avert a U.S. debt default, with normal business quickly resuming in a market with steady if slow demand growth and ample supply. --------------------------------------------------------------------------------------------------------------------------------------------- Commentary: $3.30 has got to be the upper limit here.
Morning Copper Market Report Fri 18 Oct 2013 07:53:18 CT The copper market was the worst performer of the metals complex during Thursday's trading, which was a definitive shift in the trading pattern that has been seen over the last two weeks. Some traders also suggested that potential Chinese buyers might have balked at nearby copper prices that were effectively 11 cents a pound above last week's lows. Others traders feel that Chinese copper output is poised to rise sharply, as high treatment fees have prompted Chinese smelters to ramp up to maximum production as a way to beat what might be seen as a temporarily expensive pricing scheme. While LME copper stocks showed another noted decline overnight, that news was offset by a rather significant weekly rise in Shanghai copper stocks of 10,524 tons. Chinese economic data released overnight came in mostly as expected as the GDP readings were right on estimates, although the September Industrial Production was slightly better than expected. ------------------------------------------------------------------------------------------------------------------------------------------- Commentary: When is this "yin" and "yang" going to end with a winner ? Prices are not moving at all.
Copper up 4 cents this morning in what can only be viewed as a tagging alongside of the incredibly hyped equity markets.
Morning Copper Market Report Wed 23 Oct 2013 07:20:33 CT The copper market rallied sharply during yesterday's session, as economic numbers from the US seemed to firmly entrench the prospect of unending US QE. While some traders might have seen the US Construction Spending data as a positive for copper, that report was up only modestly from market estimates as the focus for many traders this week was clearly on the headline Non-Farm Payroll result. Not surprisingly, copper is under pressure today in the wake of a slightly negative macroeconomic tone flowing from China overnight off rekindled credit tightening rumors. Unfortunately, the fear of credit tightening in China is not an insignificant development and that in turn likely offset news of an overnight decline in daily LME copper stocks. In addition, news that Japanese rolled copper production in September rose by 4.5% and forecasts of a 151,000 ton world copper deficit from the International Copper Study Group have provided little support after today's downshift in macroeconomic psychology. --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Commentary: Copper down 5 cents this morning....finally. I have a question regarding the above study group: who funds them ? http://www.icsg.org/ Click on the latest press release to see some incredible figures....especially usage/demand. Apparent usage is apparently almost double the rate of previous strong years. That can't be right, can it ? That certainly would explain why copper is not under $3.00. But what if those numbers are B.S. ?
Signs of Slowing Growth Adds Drag to Copper By Thomson Reuters - Tue 29 Oct 2013 07:15:53 CT London copper slipped half a percent back towards two-week lows on signs that U.S. economic momentum had begun to falter. -------------------------------------------------------------------------------------------------------------------------- Commentary: However, incredibly copper is UP today on the CME !!! Who is holding this turkey up ? Farmer ? Are you in this game again ?
Copper up 4 pennies this morning on the CME. Only explainable rationale: Strong Asian equity market performance. Hang Seng index was up 2% today.
The past couple months of consolidation is looking like a bullish triangle. It obviously need to stay above 3.20. With a break out above 3.37 it seems to me that 3.70 or even 3.90 would be first target in a run up. JMO.
Yeah, but I'm looking at the fundies....and they aren't looking that good. I think worldwide economies are either going to take off due to the sea of liquidity being provided or take a hit if QE stops. No question scenario #1 supports your technical view.