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Tag Archives: copper

Copper Slides on Chilean Miner Averting Strike, Peru’s 100-Year Mine

Copper futures are tumbling midweek after a Chilean miner averted a labor strike that would have led to a production stoppage. Prices also took a hit on reports that a new mining project in Peru could produce copper for the next 100 years. But new data highlighting China’s impressive September imports helped limit the damage. Antofagasta Minerals, one of the world’s biggest copper producers, announced that it reached a new...

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Copper Slides on Trump’s China Remarks, Capped by Supply Deficit

Copper futures are trading lower midweek following President Donald Trump’s strong remarks on China’s practices, as well as congressional Democrats launching an impeachment inquiry. The industrial metal did cap its early losses on the latest data suggesting the global copper deficit is widening. December copper futures tumbled $0.0125, 0.48%, to $2.595 per pound at 14:12 GMT on Wednesday on the Comex division...

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Copper Falls on Disappointing Chinese Data, Trade Uncertainty

Copper futures are sliding on Tuesday, driven by disappointing data from the world’s second-largest economy and uncertainty over US-China trade negotiations. Despite topping $2.70 over the weekend, it has pared those gains and is now trading just above the $2.60 mark. Are metal investors losing hope in Washington and Beijing reaching a trade deal before the year is over? November copper futures tumbled $0.015, or 0.54%,...

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Metals Rally Ahead of ECB

Gold rose today, and other precious metals joined the rally. Market experts speculated that the rally was just a result of short-covering ahead of the European Central Bank monetary policy meeting later today. Market participants expect the ECB to make its policy more accommodative, a move that will likely boost the US dollar. And that is not a good outlook for metals priced in the greenback. At the same...

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Gold & Other Precious Metals Sink on US-China Trade Talks, Copper Rallies

Gold tanked today. Other precious metals joined the decline, showing significant losses as well. Palladium was an exception, managing to carve out reasonable gains. The major piece of news today was the report that the United States and China are going to resume their trade negotiations. While no specific date was set, sources talked about “early October”. That was enough to make traders seek higher-yielding risky assets,...

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Metals Rally as Traders Wait for Fed Rate Cut in September

Gold and, to a lesser extent, other precious metals are considered to be safe assets, meaning that traders buy them in times of fear and uncertainty. And with the market sentiment being positive today, one could expect industrial metals, like copper, to rally and precious metals to fall. But while copper did indeed rally, gold managed to hold ground, while other precious metals even logged substantial gains. Market analysts...

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Copper Confirmed

Copper prices behave more deliberately than perhaps prices in other commodity markets. Like gold, it is still set by a mix of economic (meaning physical) and financial (meaning collateral and financing). Unlike gold, there doesn’t seem to be any rush to get to wherever the commodity market is going. Over the last several years, it has been more long periods of sideways. That’s what makes any potential breakout noteworthy. Dr. Copper’s place in the hierarchy is already assured because of its...

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Copper Slumps to Two-Year Low on Weak Global Economy

Copper futures are slumping to their lowest levels in more than two years, sending signals to investors that the global economy is weakening. The industrial metal did cap its losses on reports that copper consumption will skyrocket, particularly in the green energy sector. But a higher buck did not help the red metal to kick off the holiday-shortened trading week. December copper futures tumbled $0.025, or 0.95%, to $2.5275...

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Gold & Silver Rally, Copper & Crude Oil Drop as US & Chines Tariffs Kick In

Gold and silver rallied while copper and crude oil fell amid risk aversion on markets. While markets opened on Monday on a rather positive note, the traders’ mood soured later during the session. The positive Caixin China manufacturing report was responsible for the initial optimism of traders before the sentiment worsened. Analysts argued that the reason for the worsening sentiment was the further...

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Monthly Macro Monitor: Market Indicators Review

This is a companion piece to last week’s Monthly Macro report found here. The Treasury market continues to price in lower nominal and real growth. The stress, the urgency, I see in some of these markets is certainly concerning and consistent with what we have seen in the past at the onset of recession. The move in Treasuries is by some measures, as extreme as the fall of 2008 when we were in a full blown panic. That to me, is evidence that this move is overly emotional since the...

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