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High Impact Events Trading... Gold & Copper 417 replies

COPPER -The bullish commodity 17 replies

Copper, Tin for delivery 2 replies

Attachments: Copper for everyone
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Copper for everyone

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persistence and determination alone are omnipotent
I'm inclined to think we could see copper prices rise after the stronger than expected PMI data releases out of China, over the weekend and tonight.

  1. Manufacturing PMI
  2. Caixin Manufacturing PMI

We must learn who is gold, and who is gold plated
Copper on the daily time frame is breaking out of an inverse head and shoulders pattern off of support 2.49 thru resistance 2.74 with strength and a little momentum. Target price 2.96 Downside exit below the 200 day avg
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Quoting ChopinTrader
Copper on the daily time frame is breaking out of an inverse head and shoulders pattern off of support 2.49 thru resistance 2.74 with strength and a little momentum. Target price 2.96 Downside exit below the 200 day avg {image}
Good call. It is definitely breaking out. Highest levels since July, earlier this year.
We must learn who is gold, and who is gold plated
Quoting EventsTrader
{quote} Good call. It is definitely breaking out. Highest levels since July, earlier this year.
XME ETF seems to be also breaking out from a bottom
#COPPER / Weekly & Daily
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I'm not sure why, but Chinese investors are buying up copper to start the New Year, ahead of the China manufacturing data in 20 minutes.
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We must learn who is gold, and who is gold plated
Not sure what set off today's rally in copper. Anybody out there with their finger on the pulse?
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We must learn who is gold, and who is gold plated
The coronavirus is absolutely killing copper. I suspect it'll continue as long as officials can't get it under control. China's economy is going to take a hit. I'll be interested to see if it's reflected in their GDP. At least the GDP they release to the public.
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We must learn who is gold, and who is gold plated
Quoting EventsTrader
The coronavirus is absolutely killing copper. I suspect it'll continue as long as officials can't get it under control. China's economy is going to take a hit. I'll be interested to see if it's reflected in their GDP. At least the GDP they release to the public. {image}
I read a good article today talking about how the Chinese might enact a major stimulus program to boost their economy. His trade of choice: copper! It's a pretty compelling idea I think; provided the virus isn't significantly worse than we know.
Self-sufficiency is the greatest of all wealth. - Epicurus
Quoting EF5
{quote} I read a good article today talking about how the Chinese might enact a major stimulus program to boost their economy. His trade of choice: copper! It's a pretty compelling idea I think; provided the virus isn't significantly worse than we know.
Hubei was put on lock down yesterday. I'm not sure any amount of stimulus can help against the spread of the virus. China accounts for about half the global demand for copper and the longer this virus lingers the bigger the drop in copper demand we'll eventually see. I'm surprised copper has held up as well as it has. After falling hard in late Jan, it's rebounded slightly in Feb.
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We must learn who is gold, and who is gold plated
Quoting EventsTrader
{quote} Hubei was put on lock down yesterday. I'm not sure any amount of stimulus can help against the spread of the virus. China accounts for about half the global demand for copper and the longer this virus lingers the bigger the drop in copper demand we'll eventually see. I'm surprised copper has held up as well as it has. After falling hard in late Jan, it's rebounded slightly in Feb. {image}
They've already done quite a bit of monetary stimulus. We'll see what they do on the fiscal side. They're not going to beat the virus per se, but they can try to offset the economic damage it does.
Self-sufficiency is the greatest of all wealth. - Epicurus
With the news over the weekend about the coronavirus spreading copper is in trouble again.
We must learn who is gold, and who is gold plated
Copper is looking weak. It's at a pivotal point. A break below where it's currently at and we should eventually see it head lower, testing this week's open price.
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We must learn who is gold, and who is gold plated
I can't justify any reason why copper shouldn't test 2016 levels closer to $2. As the China economy slows down so will demand for copper. Industrial metals haven't been hurt as much as I thought they would. Not yet at least. As this current economic environment persists, there's no way that copper demand doesn't dry up.
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We must learn who is gold, and who is gold plated
Since China has opened back up, it has boosted copper prices. Copper is very demand driven, similar to crude. Here's an overlay that shows how the copper price recover has accelerated passed crude as China's economy has opened back up. Going forward, copper will be heavily vulnerable to disputes against China over COVID, which would hurt their trade and economy. Copper prices are in pink.
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We must learn who is gold, and who is gold plated
That would have been a decent trade Events
No macro - no trade
Copper, like energy and equities, is in rally mode.
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We must learn who is gold, and who is gold plated
As the Chinese economy gets back so do copper prices. This is the daily chart from the beginning of covid in China. (CME HG continuous)
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We must learn who is gold, and who is gold plated
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