Analysis and Recommendations: Copper tumbled 27 points as China went on holiday for the Lunar celebrations. Copper is at 2.076 giving back some of its
Copper tumbled 27 points as China went on holiday for the Lunar celebrations. Copper is at 2.076 giving back some of its gains from last week but still holding near recent highs. Copper price also recovered together with oil amid holiday-thinned trade as China market is closed for the week. Buying interests in USD after the NFP release were probably position adjustments after a week-long weakness, rather than a concrete threat to commodity prices. U.S. CFTC weekly data showed money managers reduced short bets in copper, a sign that the metal may find some stability.
Copper price recovered mildly today after choppy trading late last week. It continues to target the resistance level at 2.1485 on the topside. Support trend line likely holds throughout, with choppy price action this week.
Analysts attributed the fall in copper futures to sluggish demand at domestic spot market amid a weak trend in base metals in global markets.
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Today’s economic releases:
Cur. | Event | Actual | Forecast | Previous | |||
China – Lunar New Year | |||||||
New Zealand – Waitangi | |||||||
JPY | Adjusted Current Account | 1.64T | 1.42T | ||||
JPY | Current Account n.s.a. (Dec) | 0.96T | 0.987T | 1.144T |
Upcoming Economic Events that you should be monitoring:
Tuesday, February 9, 2016
Cur. | Event | Actual | Forecast | Previous | |||
China – Lunar New Year | |||||||
AUD | HIA New Home Sales (MoM) (Dec) | -2.7% | |||||
GBP | BRC Retail Sales Monitor (YoY) (Jan) | 0.4% | 0.1% | ||||
AUD | NAB Business Confidence (Jan) | 3 | |||||
EUR | German Industrial Production (MoM) | 0.4% | -0.3% | ||||
EUR | German Trade Balance (Dec) | 20.2B | 19.7B | ||||
GBP | Trade Balance (Dec) | -10.35B | -10.64B | ||||
GBP | Trade Balance Non-EU (Dec) | -2.55B | -2.45B | ||||
USD | JOLTs Job Openings (Dec) | 5.400M | 5.431M |
Government Bond Auctions
Date Time and Country
Feb 08 16:20 Italy Details of bond auction
Feb 09 11:00 Netherlands Holds DSL auction
Feb 09 11:00 Austria Holds bond auction
Feb 09 11:30 Germany Holds I/L bond auction
Feb 09 11:30 UK 0.125% 2026 Gilt linker auction
Feb 09 n/a UK Details of Gilt auction on Feb 17
Feb 09 19:00 US Holds 3-year note auction
Feb 10 11:30 Germany Euro 5bn Mar 2018 Schatz
Feb 10 17:20 Sweden Details of bond auction on Feb 17
Feb 10 19:00 US Holds 10-year note auction
Feb 11 N/A Italy Euro 4-5bn 30-yr syndicated bond auction
Feb 11 11:03 Sweden Holds I/L bond auction
Feb 11 11:10 Italy Announces details of bond auction
Feb 11 11:30 UK 3.5% 2045 Gilt auction
Feb 11 19:00 US Holds 30-year bond auction
Feb 11 n/a US Details of 30-yr TIPS auction on Feb 18
Feb 12 11:10 France Details of bond auction on 18 Feb