Wednesday, 18 November 2015

Copper trading range for the day is 298.3-315.7

Copper settled down -0.36% at 307.75 fell towards fresh six-year lows as traders increased their bets on waning demand in top user China, leading down most other metals that were already struggling under the weight of a strong dollar. Pressure seen as Comex copper speculators increased net short position by 16,499 contracts to 19,398 in the week to Nov. 10, the most bearish bet since mid August. Also Three-month copper on the London Metal Exchange had fallen 1.1 percent to $4,631 a tonne, after closing just a tad down in the previous session when it plunged to its weakest since May 2009 at $4,590 a tonne. Since lastweek Copper is trading with weakness marking the weakest level since July 2009.
Trading Ideas:
Copper trading range for the day is 298.3-315.7.
Copper dropped as the possibility of higher interest rates in the U.S. and slower global economic growth, particularly in China, weighed.
Pressure also seen on prices amid fears of a China-led global economic slowdown spooked traders and rattled sentiment.
Still, ample supplies in China can be seen in bonded copper stocks, which are up to 430,000 tonnes from 360,000 tonnes in late September

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