Copper Fundamental Analysis – December 2, 2015 – Forecast

Analysis and Recommendations:

Copper reversed declines adding 24 points to trade at 2.072 climbing off its recent bottom just at the $2 price level. Chinese smelters are reducing production and Chinese manufacturing PMI were not as bad as expected for the official data falling but the private small and medium business reporting better than expected. The decline in the US dollar has helped copper and metals trade in the green.

Copper got only a modest boost from Chinese producers’ plan to cut output while gains were capped by a strong dollar and concerns over the economy of top metals consumer China. Nine large copper producers in China agreed at the weekend an initial plan to cut refined metal output by more than 200,000 tonnes in 2016, following moves already announced by China’s nickel and zinc makers. Many investors were skeptical that the output cuts would be implemented because of the past tendency in China to keep open loss-making operations to preserve jobs. 

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Today’s economic releases:

 

Upcoming Economic Events that you should be monitoring:

Wednesday, December 2, 2015

Government Bond Auctions

Date Time Country

Dec 02 11:30 UK Gbp 3.75bn 1.5% Jan 2021 Gilt

Dec 02 16:30 Sweden Announces details of Bond on 11 Dec

Dec 03 10:30 Spain 1.15% Jul 2020 Bono

Dec 03 10:50 France

Dec 03 11:03 Sweden Sek 0.7bn 1%

Dec 07 13:00 Norway Details bond auction on 09 Dec

Dec 07 17:30 Italy Announces details of BTP/CCTeu on 11 Dec

Dec 08 11:30 UK 3.5% 2045 Gilt auction

Dec 08 19:00 US Holds 3-year note auction

Dec 09 11:03 Sweden Holds bond auction

Dec 09 11:05 Norway Holds bond auction

Dec 09 11:30 Germany Eur 3bn Dec 2017 Schatz

Dec 09 19:00 US Holds 10-year note auction

Dec 10 19:00 US Holds 30-year bond auction

Dec 11 11:10 Italy Auctions BTPs/CCTeus