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Copper Fundamental Forecast – February 9, 2016

By:
Barry Norman
Published: Feb 8, 2016, 12:41 UTC

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 Fundamental Forecast – February 9, 2016

Copper Monday Bns
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 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.

FxEmpire provides in-depth analysis for each asset we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports, which covers the current week and are published by Sunday before the new week begins. Daily we share any new events, forecasts or analysis that affect the current day. To achieve a full accurate understanding it is important that you study all of our data and analysis as a whole.

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

 

copper

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

 

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