Copper Fundamental Forecast – June 29, 2016

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Published: Jun 28, 2016, 10:34 UTC

Copper continued to climb on stimulus promises from China ahead of this week’s Chinese manufacturing PMI data. The US dollar eased a bit today helping

Copper Fundamental Forecast – June 29, 2016

Copper continued to climb on stimulus promises from China ahead of this week’s Chinese manufacturing PMI data. The US dollar eased a bit today helping metals to get a leg up. Copper added 34 points to 2.16. On Monday, the US dollar retreated as traders shifted to the sentiment that Brexit will actually be bad for the US dollar because it could result in the US Federal Reserve delaying future rate hikes.

At the LME, copper futures for delivery in three-months had a volatile session but managed to finish with a 1% advance to close at $4,743 per metric ton. Last Friday, copper fell 1.7%. However, on Thursday the metal hit a seven-week high of $4,795 on the expectation that Britain would vote to remain in the EU. Trading was volatile on Monday, and volumes were low, which exacerbated the moves.

Economic turmoil could impact copper prices, but in the near-term demand for the metal from China is a far bigger concern. According to Reuters, growth in China’s manufacturing sector is expected to slow in June, and that in itself is a negative for the copper market.

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.

Wednesday, June 29, 2016

Country	Name	Volatility	Previous
Japan	Large Retailer’s Sales	2	-0.8
Japan	Retail Trade (YoY)	2	-0.8
Japan	Retail Trade (MoM)	2	0
Australia	HIA New Home Sales (MoM)	2	-4.7
Germany	Consumer Confidence Survey	2	9.8
U.K.	Financial Stability Report	2
U.K.	Consumer Credit	2	1.287
U.K.	Mortgage Approvals	2	66.25
Eurozone	Economic Sentiment Indicator	2	104.7
Eurozone	Business Climate	2	0.26
Eurozone	Industrial Confidence	2	-3.6
Eurozone	Consumer Confidence	2
Eurozone	Services Sentiment	2	11.3
U.S.	Personal Consumption Expenditures – Price Index (YoY)	2	1.1
U.S.	Core Personal Consumption Expenditure – Price Index (MoM)	2	0.2
U.S.	Personal Consumption Expenditures – Price Index (MoM)	2	0.3
U.S.	Personal Income (MoM)	2	0.4
U.S.	Personal Spending	2	1
U.S.	Core Personal Consumption Expenditure – Price Index (YoY)	2	1.6
U.S.	Pending Home Sales (MoM)	2	5.1
U.S.	Pending Home Sales (YoY)	2	4.6