Copper prices at the LME settled lower yesterday at $6430, down by $123 from its previous close. It traded along similar lines in India for the April futures, which ended at Rs 400.20. There was a broad-based sell off in most of the assets and so, copper also traded down. Besides, China’s weakness is continuing, which is basically keeping the commodity subdued. Therefore, despite a huge fall in prices, we are not seeing any major short covering or recovery in prices. This morning at the LME, copper prices were trading marginally lower while the prices in Shanghai are trading steady. As the day progresses, we believe that copper may remain lower and we continue to hold a bearish view on the commodity. However, the equity markets are trading marginally positive this morning in Asia and, the effect of the Fed’s stance on cutting down its asset purchase programme fading might not permit a huge fall in prices. Therefore, we recommend selling the commodity for a minimal price target for the day.
News: Copper is poised for a fourth weekly decline after the Federal Reserve signalled it would raise interest rates, hurting the demand outlook for the metal. Fed officials forecast that the benchmark interest rate would rise to at least 1% at the end of 2015 from close to zero now. Economic growth in China slowed this quarter, according to a survey published by New York-based CBB International. The two nations are the biggest users of copper. Therefore, we believe that structurally, the commodity is still in a bearish mode.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Copper May Remain Lower, Selling Recommended
Published 03/21/2014, 05:56 AM
Updated 05/14/2017, 06:45 AM
Copper May Remain Lower, Selling Recommended
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.