Analysis and Recommendations: Copper added 18 points to trade at 2.025 recovering from Thursday’s rout. Copper held near a two-week low on concern that
Copper added 18 points to trade at 2.025 recovering from Thursday’s rout. Copper held near a two-week low on concern that exports from Freeport-McMoRan’s Indonesia mine set to resume shipments from its Grasberg mine in Indonesia, the world’s second-largest for the commodity, will add to an oversupply. Most other industrial metals climbed.
The metal has dropped 20% in the past year as China’s economic slowdown cut demand, prompting some mining companies to shutter unprofitable production. New supply due this year will largely offset the impact of supply cuts, Morgan Stanley said in a report Tuesday. It expects mine output to expand 3% this year to 19.9 million tons.
“News that Freeport-McMoRan is set to resume shipping from its Grasberg mine in Indonesia acted as a dampener on copper prices,” Sucden Financial said in an e-mailed report. “The ramping up of operations at world’s second-largest mine by capacity will likely add to the supply glut.”
Analysts said offloading of positions by traders on the back of subdued demand at domestic spot market, mainly influenced copper prices at futures trade.
However, firm global trend where most industrial metals rose as the dollar retreated to a three-month low amid prospects for a delay in the tightening of US monetary policy, restricted the fall, they said.
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Today’s economic releases:
Cur. | Event | Actual | Forecast | Previous | |||
China – Lunar New Year | |||||||
AUD | RBA Governor Stevens Speaks | ||||||
AUD | Home Loans (MoM) (Dec) | 2.6% | 3.0% | 1.9% | |||
EUR | German CPI (MoM) (Jan) | -0.8% | -0.8% | -0.8% | |||
EUR | German GDP (QoQ) (Q4) | 0.3% | 0.3% | 0.3% | |||
EUR | German GDP (YoY) (Q4) | 2.1% | 2.3% | 1.7% | |||
EUR | EU Finance Ministers Meeting | ||||||
EUR | GDP (YoY) (Q4) | 1.5% | 1.5% | 1.6% | |||
EUR | GDP (QoQ) (Q4) | 0.3% | 0.3% | 0.3% | |||
EUR | Industrial Production (MoM) (Dec) | -1.0% | 0.3% | -0.5% | |||
USD | Core Retail Sales (MoM) (Jan) | 0.1% | -0.1% | ||||
USD | Export Price Index (MoM) (Jan) | -0.9% | -1.1% | ||||
USD | Import Price Index (MoM) (Jan) | -1.4% | -1.2% | ||||
USD | Retail Sales (MoM) (Jan) | 0.1% | -0.1% |
Upcoming Economic Events that you should be monitoring:
Cur. | Event | Actual | Forecast | Previous | |||
United States – Presidents’ Day | |||||||
Canada – Family Day | |||||||
JPY | GDP (QoQ) (Q4) | -0.3% | 0.3% | ||||
JPY | GDP (YoY) (Q4) | -1.2% | 1.0% | ||||
CNY | Exports (YoY) (Jan) | -1.9% | -1.4% | ||||
CNY | Imports (YoY) (Jan) | -0.8% | -7.6% | ||||
CNY | Trade Balance (Jan) | 58.85B | 60.09B | ||||
JPY | Industrial Production (MoM) (Dec) | -1.4% | |||||
EUR | Trade Balance (Dec) | 23.6B |
Government Bond Auctions
Date Time and Country
Feb 15 13:00 Norway Details of bond auction on Feb 17
Feb 17 11:03 Sweden Holds bond auction
Feb 17 11:05 Norway Holds bond auction
Feb 17 11:30 Germany Euro 5bn 0.5% Feb 2026 Bund
Feb 17 11:30 UK New Jul 2026 Gilt auction
Feb 18 10:30 Spain Holds bond auction
Feb 18 11:50 France Holds bond auction
Feb 18 17:20 Sweden Details of I/L auction on Feb 25
Feb 19 11:10 Italy Details of BTP€i/Zero-coupon auction