- While most stock market segments enjoy sturdy gains, big miners are lower as copper and other base metals sink in "a sea of red” due to softening Chinese industrial activity ahead of the country’s New Year holiday.
- Copper has plunged as much as 2.2% in London while nickel tumbled nearly 4% for their biggest declines since early December, after which they went on to surge 10% and 20%, respectively.
- A steadier U.S. dollar also ended the euro’s four-day hot-streak; a weaker dollar had helped the sector by making raw materials cheaper for buyers holding other currencies.
- "China’s fixed asset investment is expected to continue to slow, so that slowdown in China will weigh on select commodities in 2018,” says Atul Lele, chief investment officer at Deltec International Group, but other analysts think prices will continue to rise, supported by a favorable global economic backdrop and supply disruptions.
- BHP -2%, RIO -2.5%, VALE -2.9%, FCX -1.1%, TECK -2.3%, OTC:ANFGF -1.7%.
- ETFs: JJC, DBB, JJN, CPER, JJU, BOM, BDD, JJT, NINI, CUPM, LD, FOIL, JJM, BOS, RJZ, BDG, LEDD, UBM, HEVY
- Now read: Copper Stalled As It Watches Other Commodities Make Higher Highs
Original article