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What Next Following Last Week's Copper Rally?
Copper prices are beginning the week in a quieter fashion after the solid gains we saw last week. The market surged higher by more than 4% as weakness in the US Dollar helped lift demand. Prior to last week’s rally, copper prices had been under heavy pressure as an uptick in hawkish Fed expectations saw USD trading higher, pressuring commodities across the board. Indeed, hotter-than-forecast US CPI at the start of last week fed further into this narrative. However, a sharp drop in US retail sales reported on Thursday saw USD longs quickly unwinding. With traders getting the first sense of weakness in the US ... (full story)
