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Copper smashing new highs and it isn't even 2021 On the back of growing demand out of China (50% of global demand), Asia recovery and general optimism from Vaccine news, Copper has reached record levels that haven't been seen since June 2018. Last night's U.S. manufacturing in November saw the quickest pickup since September 2014, driving expectations of higher base metals demand in the US for next year. Low prices have kept new copper mines from developing, and a shortage of scrap has also helped drive up pricing. At $3.00 per pound, copper becomes an attractive investment for new miners, so no doubt new copper mining projects will be speed up. Nevertheless, new mines take a while and increasing demand will continue to put prices under pressure for the immediate future.
COMEX:HG1!Long
by majicktrader
Weekly copper market 11/16/2020.Support us by consulting our free daily magazines with color stock charts and weather maps on our commodity-market-review.com website. TECHNICAL ANALYSIS OF COPPER Last week, COMEX copper futures closed higher at $3.1780 per pound. Hopes for a vaccine are fuelling the markets, Moderna announced very encouraging results on Monday. The pandemic continues unabated, we have just surpassed 54 million cases worldwide, with more than 1.320 million deaths. Faced with the second wave, Europe has been confined. The United States is the most affected country with more than 246,000 deaths and more than 11 million cases, and is also taking restrictive measures such as in New Jersey and Michigan. The copper market is still bullish, the hope of a vaccine with Pfizer or Moderna, as well as the prospects of a massive recovery plan with the Biden administration are carrying the markets. The dollar is still low and in a bearish trend, the DXY closes Friday at 92.755. In addition, copper stocks are historically low and declining. COMEX+LME+SHFE stocks are at 357979 MT. The good health of China's manufacturing sector and its willingness to accumulate stocks is fuelling the upward movement. Chinese industrial production was up 6.9% in October, for the 7th consecutive increase. Over the first 10 months of this year, Chinese imports were up 40% compared with 2019, with 5.6 million tonnes of refined copper compared with 4 million tonnes in 2019. China is the world's largest copper importer. ECONOMIC RESULTS - Last week, Chinese exports increased by +11.4% in October, and imports on the other hand disappointed with +4.7% against +9.5% expected. Industrial production in the Euro zone dropped to -0.4% in September for +0.7% expected. - On Monday, the Chinese industrial production was +6.9% in October, the unemployment rate in China is 5.3%. The New York FED manufacturing index fell to 6.30 in November from 10.50 in October. - Tuesday, US retail sales and industrial production. - Wednesday, Euro zone inflation, US building permits. - Thursday, U.S. Unemployment Claims, Philadelphia FED Manufacturing Index. CERTIFIED COPPER STOCKS - London Stock Exchange copper stocks are down to 165200 MT from 172450 MT last week. - Copper stocks on the Shanghai Stock Exchange were down to 117949 MT from 139657 MT the previous week. - Copper stocks on the New York Stock Exchange rose to 74830 MT from 73568 MT the previous week. - Total copper stocks were down to 357979 MT compared to 377339 MT the previous week. Total copper stocks are below the five-year average. THE DOLLAR The DXY index representing the Dollar against a basket of foreign currencies closed last week up to 92.755, after a sharp decline in early November. The U.S. elections will continue to bring volatility to the currency market. Joe Biden will be sworn in on January 20, the Senate remains Republican for now, but a second round will be held on January 5 in Georgia. There is still a lot of uncertainty about the size and date of the famous plan to support the American economy. The Fed has announced that it will increase its "firepower" if necessary. Forex traders therefore anticipate an increase in the money supply. The pandemic is not weakening, Europe has reconfirmed itself in the face of the second wave, the United States is also taking new measures of restrictions in certain states. The hope of a vaccine, with the announcement of Pfizer, calms the markets and prevents for the moment the dollar from playing its role as a safe haven. Caution is still called for, however, as many questions about vaccines remain unanswered. The dollar has a strong influence on the price of raw materials, and it will be very difficult to predict its evolution in the coming months. A low dollar is generally favorable to the dollar-denominated raw materials market.
COMEX:HG1!
by Commodity-market-review
Weekly copper market review 11/09/2020.Support us by consulting our free daily magazines with color stock charts and weather maps on our commodity-market-review.com website. TECHNICAL ANALYSIS OF COPPER Last week, COMEX copper futures closed higher at $3.1540 per pound. As the Dollar dropped sharply this week, the DXY rose from 94.09236 at the end of last week. The pandemic continues unabated, with more than 50 million cases worldwide and more than 1.250 million deaths. Faced with the 2nd wave, Europe is confining itself or imposing curfews. The United States is the first country to exceed 100,000 new cases in one day. Joe Biden wants to set up a crisis unit. In Europe, many non-essential businesses are closed such as bars and restaurants. Last week, the October Caixin manufacturing PMI, representing small and medium enterprises in China came out at 53.6 for 53 expected, above 50 for the 6th month in a row, confirming the recovery of the Chinese manufacturing sector . Euro zone manufacturing PMI was at 54.8 for 54.4 expected, and U.S. manufacturing PMI was at 53.4. In Chile, cumulative copper production up to September was up +0.4% to 4.26 million tonnes. Chile is the world's largest copper producer. Total copper stocks are down to 377,339 MT, below the five-year average. In the United States, Joe Biden will be sworn in on 20 January 2021, the Senate remains Republican for the moment, but there will be a second round in Georgia on 05 January. If the Democrats win both seats, that would bring the distribution to 50-50 seats, and Vice President Kamala Harris could constitutionally break the tie. In the absence of a majority in the Senate, voting on a plan to support the U.S. economy would be made more difficult. This leaves uncertainty as to the timing and amount of the plan. Last week the Fed reaffirmed its willingness to support the US economy and is ready to "increase its firepower" if necessary. The dollar fell sharply, with the DXY dropping from over 94 at the beginning of last week to close Friday at 92.236, a drop that benefited all dollar-denominated commodities. ECONOMIC RESULTS - Last week, the Caixin Manufacturing PMI representing small and medium enterprises in China came out at 53.6 for 53 expected. The Euro-Zone Manufacturing PMI was at 54.8 for 54.4 expected, and the U.S. Manufacturing PMI was at 53.4. Euro-zone retail sales were -2.00% compared with +4.2% in August. - On Saturday, Chinese exports increased by +11.4% in October, while imports disappointed with +4.7% against +9.5% expected. - Tuesday, inflation in China, the ZEW index of economic sentiment in the Euro zone. - Thursday, inflation and US unemployment registrations, industrial production in the Euro zone. - Friday, Euro-zone GDP and Michigan Consumer Confidence Index. CERTIFIED COPPER STOCKS - Copper stocks on the London Stock Exchange, are up to 172450 MT from 171300 MT last week. - Copper stocks on the Shanghai Stock Exchange were down to 131321 for 139657 MT the previous week. - Copper stocks on the New York Stock Exchange are up to 73568 MT from 72357 previously. - Total copper stocks are down to 377,339 MT compared to 383,314 MT last week. Total copper stocks are below the five-year average. THE DOLLAR The DXY index representing the Dollar against a basket of foreign currencies closed last week, down sharply at 92.236. The U.S. elections will continue to bring volatility to the currency market. Joe Biden will be sworn in January 20, the Senate remains Republican for now, but a second round will be needed in Georgia. Therefore, there is still a lot of uncertainty about the size and date of the famous plan to support the American economy. Last week's statements by the FED certainly weighed heavily on the dollar. The FED announced that it could increase "its firepower" if necessary. Forex traders are therefore anticipating an increase in the money supply. On Sunday, the United States experienced a record covid-19 for the 4th consecutive day, and even though the news was dominated by the elections, the pandemic could be remembered by investors if the US faces a 2nd wave similar to the one hitting Europe. A return of the dollar as a safe haven is not a possibility to be ignored. The dollar has a strong influence on the price of raw materials, and it will be very difficult to predict its evolution in the coming months. A low dollar is generally favorable to the dollar-denominated commodity markets. COMMITMENTS OF TRADERS The weekly COT (Commitments of Traders) report of the Commodity Futures Trading Commission (CFTC) shows all the positions opened by all market participants. The COT report is published on Friday, and reflects the open positions on Tuesday of the same week. It shows the position of commercial traders (producers, commodity buyers, ...) but also non-commercial (speculators). The net positions of speculators on the futures markets are particularly interesting to observe. The net speculative position on the copper futures markets is down this week to 61.638 K instead of 66.916 K.
COMEX:HG1!
by Commodity-market-review
Weekly copper market review 11/02/2020.Support us by consulting our free daily magazines with color stock charts and weather maps on our commodity-market-review.com website. TECHNICAL ANALYSIS OF COPPER Last week, COMEX copper futures closed lower at $3.0470 per pound. The worsening health situation with a sharp increase in covid-19 cases in the US and Europe has strongly impacted the markets last week. With the magnitude of the second wave, Europe is reconfirming itself, as is the case in Ireland, Czech Republic, France, Germany, England, Portugal, Austria, and countries such as Spain and Italy, and others are taking increasingly drastic measures, such as curfews, closing bars and restaurants, or limiting people in meetings. The United States is seeing a record number of covid cases in the run-up to the election. The rise of the dollar also weighs on the price of copper. It can be explained by the safe haven status of the greenback, and by the postponement of the American support plan. Chilean copper production amounted to 484K tons for September, a decrease of 0.8% compared to 2019. Accumulated production in September amounted to 3,302 thousand tons, an increase of 0.5%. Chile is the world's largest copper producer. Total copper stocks are down to 383314 MT, losing 23415 tons in one week. In the United States, the American election is scheduled for tomorrow, November 3, and tensions in the market cannot be excluded. Investors fear the possibility that Donald Trump will be declared a narrow loser and do not want to recognize the results, making the transition more complicated and delaying the vote on the long-awaited plan to support the US economy. ECONOMIC RESULTS - Last week, as a pleasant surprise, US GDP rose by +33.1% in Q3 for an expected 31%, and in the Euro zone, GDP was +12.7% in Q3 for only +9.4% expected. - On Saturday, China's manufacturing PMI rose to 51.4 for an expected 51.3. - On Monday, the Caixin manufacturing PMI representing small and medium enterprises in China comes out at 53.6 for 53 expected. The Euro zone manufacturing PMI is at 54.8 for 54.4 expected, and the U.S. manufacturing PMI is at 53.4. - Tuesday, the U.S. presidential election and industrial orders. - Thursday, Euro-zone retail sales. - Friday, the U.S. employment report. CERTIFIED COPPER STOCKS - Copper stocks on the London Stock Exchange are down to 171300 MT from 180300 MT last week. - Copper stocks on the Shanghai Stock Exchange were down to 139657 for 155506 MT the previous week. - Copper stocks on the New York Stock Exchange are up to 72357 MT from 70923 previously. - Total copper stocks are down to 383314 MT compared to 406729 MT last week. Total copper stocks are below the five-year average. THE DOLLAR The DXY index representing the Dollar against a basket of foreign currencies closed last week up to 93.882. The 2nd epidemic wave is scaring the market and the Dollar seems to be playing its role as a safe-haven currency. The chances of a quick agreement on a plan to support the U.S. economy are now nil. We will have to wait now for the election result, and this is beneficial to the Dollar in the short term. On the FED side, things will certainly remain frozen until the outcome of the American election. The FED has insisted on the need for a quick vote of a support plan, and assures that the key rates will remain permanently low. A low dollar is generally favorable for dollar-denominated commodity markets. COMMITMENTS OF TRADERS The weekly COT (Commitments of Traders) report of the Commodity Futures Trading Commission (CFTC) shows all the positions opened by all market participants. The COT report is published on Friday, and reflects the open positions on Tuesday of the same week. It shows the position of commercial traders (producers, commodity buyers, ...) but also non-commercial (speculators). The net positions of speculators on the futures markets are particularly interesting to observe. The net speculative position on the copper futures markets is down this week to 66.916 K instead of 67.265 K.
COMEX:HG1!
by Commodity-market-review
50-80% ROI since March Lows for these MetalsTake a look at this comparison chart and see the ROI for these few important Metals performance. The best is COPPER and the worst is Platinum since the March Low. I am investing for the long term and will wait for healthy correction to add more long positions. And I have reiterated the volatility of this PM and personally, I do not take a large positions in each of these PMs. I am often asked how to diversify your portfolio ? The answer is pretty straight forward. It depends on the size of your capital. If you are starting out with a small capital of say 5 to 10,000, then I would say 50% in SPX500 and the rest in growth stocks. If you have 100,000 to 500,000 then it becomes easier to allocate a certain % of your capital to other assets class like PMs. And even then, start with 1 or 2 before adding as this over-concentration can cause some traders/investors sleepless nights like the recent March crash. Imagine you have all 5 of these PMs, a 10% fall in 1 metal is amplified by 5 times if you purchased all though the reverse is true as well. So, how much risks you can stomach has also to do with your capital base and your personality, imo. Also, there are many complicated instruments out there being promoted by various brokers like DLCs, leveraged ETFs, options, etc. Personally, I do not have expertise in these instruments and would not comment if it is worthwhile. Just managing my own portfolio across commodities, stocks, futures, ETFs, currencies IS MORE THAN ENOUGH for me to handle. Then again, to each his own. If you have the bandwidth and knowledge , it is OK to expand your investment reach into these new products. But always start small and gradually inch in as you gain more confidence.
OANDA:XPDUSDLong
by dchua1969
2
HGCOPPER - BUY - 4H SupportHGCOPPER - BUY - 4H Support Buy @ Current/Market Stop Loss @ 3.04211 Take Profit @ 3.19432 ------------------------------------------------------------------------------------ 🔺 Disclaimer! The content of this analysis is subject to change at any time without notice. 🔺 It is provided for the sole purpose of assisting traders to make independent investment decisions. 🔺 You must do your own research to create your own trading plan for the market. ------------------------------------------------------------------------------------
COMEX:HG1!Long
by UnknownUnicorn5418842
#Copper - Higher High - Position yourself long term #XCUUSDToday, August 19, 2020, the 2019 April high within wave 1 of wave III was taken out of the market. Whoever wants to earn real money in the next few years, as with gold and silver stocks, can now also position himself with copper or its producers. I introduced a few in the last YT video. In my opinion, price setbacks should be used for strategic entry or position building. Greetings to yesterday's participants from Hayek-Club Hannover Stefan Bode
OANDA:XCUUSDLong
by StefanBode
3
Long FCX ( $GLD $FCX #GOLD $GC1! $GC_F $Spy $GOLD $XME)see full chart at www.tradingview.com FCX Entry $15 Target 1 $17 Target 2 $20 stoploss $13 Why? Why it is a buy? Stimulus bill #2 will eventually come out by 2021, Along with FOMC mentioning that they will allow inflation to run wild. what that means is that, the fundamental value of GOLD and other minerals will increase in price. While everyone is focus on gold, and silver, they are missing out on Copper. so I think it is defiantly an laggard and we could catch a nice buying opportunity still. Who are they? Freeport-McMoRan, Inc. engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona; and Chino and Tyrone in New Mexico. The South America Mining segment includes Cerro Verde in Peru and El Abra in Chile. The Indonesia Mining segment handles the operations of Grasberg minerals district that produces copper concentrate that contains significant quantities of gold and silver. The Molybdenum Mines segment includes the Henderson underground mine and Climax open-pit mine, both in Colorado. The Rod and Refining segment consists of copper conversion facilities located in North America, and includes a refinery, rod mills, and a specialty copper products facility. The Atlantic Copper Smelting and Refining segment smelts and refines copper concentrate and markets refined copper and precious metals in slimes. The Corporate, Other, and Eliminations segment consists of other mining and eliminations, oil and gas operations, and other corporate and elimination items. The company was founded by James R. Moffett on November 10, 1987 and is headquartered in Phoenix, AZ.
NYSE:FCXLong
by WallSt007