We suggested yesterday that in view of oversold market conditions and the fact that the Greeks were in serious discussions with regard to forming a new government, that investors close out short positions, or in the least, watch things from the sidelines. Shortly after our commentary came out, news broke that the Greek talks had [...]
Metal prices continued to sink yesterday, as did many other commodity prices. In fact, the Thomson Reuters-Jefferies CRB index fell more than 1% to below 290 — its lowest level since October 2010. Equity markets were also under pressure yesterday, with US stocks still unable to shake off the lingering aftershocks of the JP Morgan [...]
Metals fell on Friday, with copper losing ground for a second week in a row, as apart from tight LME copper stock positions and lingering backwardations, there was little in the way of bullish news that could justify a sustained advance. Continued unease about Greece, concern about Spanish long-term yields, and data showing decelerating macro [...]
Abbreviated commentary: Copper finished higher for the first time in six sessions yesterday, and most other markets did better as well. A stronger session in the Spanish equity markets and a slight easing in the number of weekly US initial claims both helped sentiment, as did a likely round of mild short-covering from relatively oversold [...]
COPPER SUPPORT: $7880 / RESISTANCE: $8280 We are now at $8081 on copper, up $27, and fluctuating within a relatively narrow $100 band of between $8010 and $8129. LME stocks were down again today by roughly 1,100 tons. * Rio Tinto said today that an exit by Greece from the European currency bloc would significantly [...]
Three months LME copper closed on Friday at $8,175 per tonne. This morning copper is trading at around $8,218 per tonne. Dollar/euro is $1.3013 versus a close on Friday of $1.3090. On Friday copper had a backwardation of $79 per tonne versus a backwardation of $149 per tonne on the previous Friday. Copper fell 2.9% [...]
Effective Sunday, May 20 (trade date Monday, May 21), all CBOT, KCBT, and MGEX Grain and Oilseed Futures and Options will expand electronic trading hours on CME Globex. The trading hours will be as follows: Sunday to Monday: 17:00 CT to 16:00 CT Monday to Friday: 18:00 CT to 16:00 CT The impacted products are [...]
Asian equities closed mixed, China up with HSBC Services PMI data coming in higher at 54.1 from 53.3. RBA cut growth and inflation outlook for 2012 and 2013. EU stocks were weaker after disappointed regional Services PMI data but EZ Retail Sales did come in higher than expected but volumes remain lighter ahead of payroll [...]
We had a very strange day to say the least yesterday, as practically everything was down. Even the dollar — traditionally a safe haven during market declines –did not do much, finishing pretty much unchanged against the Euro. In the case of base metals, markets recouped earlier losses after US initial claims readings came in [...]
Comex Gold – June 12 – Remains firmly range bound again. With the medium term trend structure continuing to flatten out with prices firmly trapped within a broad but choppy trading range immediate market movement are likely to remain restricted by the presence of strong overhead resistance and good underlying support. Expect near term weakness [...]
