Posted: November 14th, 2013 | Author: Rod Sherkin | Filed under: China, Copper, Europe, USA | Tags: china, Copper, copper china, copper europe, copper future, copper price, copper usa | No Comments »
Copper fell 2.3% on Wednesdays to $3.1595 a pound on the Comex division of the New York Mercantile Exchange, the lowest price since July 31. So far this year, the price declined 12 percent.
Copper futures fell to a three-month low as investors bet that the economic policies laid out by China‘s leadership wouldn’t do enough to boost growth in the world’s top metals consumer.
Copper has been sliding since Tuesday after China’s Third Plenum — a four-day meeting that sets government economic policy for the world’s second – largest economy—released a broad blueprint calling for markets to play a more “decisive” role in economic matters.
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Posted: July 29th, 2013 | Author: Pascal Blanc | Filed under: Aluminum, China, Commodities, Copper, Metals | Tags: Copper, copper capacity, copper cycle, copper demand, copper future, copper price, copper supply, copper surplus | No Comments »
At the end of June, it seemed that bottom was falling out of copper prices. Since then it gained a few percents, but last Thursday on the London Metal Exchange, copper for delivery in three months fell 2.2 percent to $6,863 a ton ($3.11 a pound).
On friday, copper fell again to the lowest level in almost three weeks and lost 0.6 percent to $6,820 a metric ton, the lowest since July 10, and was at $6,838.75 at 10:14 a.m. in Shanghai. Metal for delivery in November on the Shanghai Futures Exchange dropped 2.1 percent to 48,970 yuan ($7,988) a ton.
Traders said sentiment in copper remained bearish after the metal in global markets as concerns that demand from China, the largest user, will decline outweighed country’s plans to reduce production capacity.
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Posted: June 25th, 2013 | Author: Rod Sherkin | Filed under: Copper | Tags: Copper, copper cycle, copper future, copper price, copper supply | No Comments »
Copper‘s world is coming apart. The price has fallen 16% so far this year and is 34% below February 2011 all-time closing high. This isn’t just a case of slowing economic growth. The global forces propelling the metals stunning rise over the past decade are shifting. Copper’s supercycle is entering its downhill run.
Copper‘s surge reflected flat supply running into surging demand, mainly from China. Copper spent much of the period from 2005 to 2012 at levels at least double the marginal cost of production.
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Posted: May 18th, 2013 | Author: Pascal Blanc | Filed under: Commodities, Copper, Metals | Tags: Copper, copper demand, copper future, copper price, metal, metal future | No Comments »
Copper is currently on the rebound, on the back of its third bearish cycle from February to April. Shanghai Cifco Futures Co. expects prices to climb until the end of June before pulling back to $6,037.50 per tonne by September.
Copper prices are up slightly in London, after inventories dropped to a seven-month low in China, the world’s biggest consumer of industrial metal, while U.S. consumer confidence rose to the highest since 2007. Three-month copper climbed 1.1 percent on Thursday to sit at $7,279 per tonne. Copper was seeing resistance at the $7.240 per tonne, but the day’s climb seems to have broken that barrier. Over in New York, copper futures were behaving much the same. Copper for July was up 0.9 percent at $3.2945 a pound.
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Posted: April 22nd, 2013 | Author: Pascal Blanc | Filed under: Aluminum, China, Commodities, Copper, Gold, Metals, Steel | Tags: base metal, Copper, copper price, Gold, gold price, industrial metal | 1 Comment »
Industrial metals prices trading on the London Metal Exchange were shaken this week by an unexpected slowdown in Chinese growth, followed by gloomy indicators in the United States, which cast doubt on global growth strength.
Like oil and gold, base metals were taken Monday in a huge selloff movement affecting all commodities: speculative investors were rushing to withdraw from the market.
“The week started quietly in Asian trade … until China published macroeconomic statistics that totally reversed the trend“, said Edward Meir, analyst at broker INTL FCStone.
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Posted: April 19th, 2013 | Author: Pascal Blanc | Filed under: China, Commodities, Copper, Metals | Tags: Copper, copper demand, copper future, copper price, copper stock, copper supply, copper surplus | 1 Comment »
After a decade during which large copper companies have struggled to follow a demand driven by Chinese consumption, new projects are finally coming to life. Unfortunately, this increase in supply meets a slowdown in demand.
Benchmark three-month copper was down more than 2 percent at $6,909.50 a tonne from $7,088 at the close on Thursday. It hit a 1-1/2 year low of $6,800 during the last session, and is on track for its biggest weekly fall since late 2011.
A selloff in gold futures, which posted a record two-day slide earlier this week, has percolated into the copper market, traders and analysts said. Copper is often traded as part of a wider commodities basket such as an index-linked fund, and investors wishing to limit losses on one component of the basket must sell the entire group.
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Posted: April 11th, 2013 | Author: Rod Sherkin | Filed under: Copper | Tags: Copper, copper future, copper price, copper stock, copper supply | 1 Comment »
Copper prices have fallen since February amid expectations of a supply glut, but buyers say they are starting to pay hefty fees to get metal when they need it—on top of the actual price of copper—because so much is being diverted into warehouses.
Two major commodities-trading firms have amassed much of the world’s copper supplies in their warehouses, partly by paying to divert shipments away from other storage hubs, traders and analysts say.
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Posted: October 28th, 2012 | Author: Pascal Blanc | Filed under: Commodities, Copper, Metals | Tags: china, Copper, copper demand, copper price, copper stock, copper surplus, metal | 2 Comments »
Copper prices have so far resisted the sharp fall in other metals prices since the outbreak of the crisis in the euro zone last year. But they are now below the $8,000 per tonne threshold. The copper cycle, which lasted for more than ten years now, might have reached its end.
Usually October is the beginning of a good period for purchases of copper in China, which typically continues throughout the fourth quarter. But this is not the case this year. Physical demand is low, to the point that the copper spot price in Chinese ports is less than the copper price in Shanghai, a very rare phenomenon. The Chinese industry – China represents 40% of world consumption – is not buying anymore and is just using its current copper stocks. In the USA, the recovery is very slow and in Europe, there is virtually no transaction…
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Posted: October 23rd, 2012 | Author: Rod Sherkin | Filed under: Commodities | Tags: commodities, commodities price, Copper, cotton, crude oil, energy, imf | No Comments »
Commodities declined, erasing this year’s advance, on speculation that demand for energy, industrial metals and some agricultural products will slump because of the sluggish global economy.
Cotton futures fell the most in 10 weeks, and crude oil dropped to the lowest since mid-July. Gasoline declined for the ninth straight session, the longest slump since at least October 2005. Copper dropped to the lowest since Sept. 7.
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Posted: September 25th, 2012 | Author: Pascal Blanc | Filed under: Commodities, Copper, Metals | Tags: Copper | No Comments »
Refined copper market remained in deficit during the first half of 2012, show the latest figures published by the International Copper Study Group (ISCG). For the first half of the year, the deficit was 473 000 tonnes, after seasonal adjustment, 292 000 tonnes. In June, preliminary data show a copper deficit of 36 000 tonnes. However, taking into account seasonal variations, the market shows a surplus of 19,000 tons.
The apparent refined copper balance for the first half 2012, including revisions to data previously presented, indicates a production deficit of 473,000 t (a seasonally adjusted deficit of 292,000 t). This compares with a production deficit of 131,000 t (a seasonally adjusted surplus of 56,000 t) in the same period of 2011.
In the first half of 2012, world mine production increased by 2.4% and world refined production increased by 3.8% compared with the same period of 2011.
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