MARKET COMMENTARY
Last Thursday, LME copper pared losses rising back to $7150 before the SHFE started trading. SH metal prices opened up strong, supported by the rebound in equity market and weak dollar. We saw substantial arbitrage buying interest from the Chinese. On Friday SHFE and LME markets were subdued. Prices moved within a narrow range in the morning. Midday, US Q2 GDP figures were better than expected raising the mood in the market, however keeping prices in their established ranges. Bernanke's speech prompted some choppy trading after investors digested his comments. The metals complex retreated only to sky rocket towards the end of the trading day, as shorts were covering their positions ahead on the UK bank holiday. Copper traded at $7448. Euro picked up to around 1.2760 and Dow Jones recovered to above 10000.
This week, LME metals rose, driven by the news of China Purchasing Managers' Index (PMI) rising in August to a three-month high of 51.7 from 51.2 in July. This indicates an improvement, even though moderate in the manufacturing sector. Copper made a significant break through $7500. Midday, US August ISM manufacturing figures came out better than expected, lifting the Dow Jones index to the high of 10264. The metals complex grew on the back of the spike in optimism. Copper traded at $7619 and touched a fresh four-month peak.
In August LME copper increased almost 8.1 percent at $ 7,285.93 when compared to LME average of July 2010. Today, 3M copper is traded in the range $7600-$7675. Following the overnight strength in LME, SHFE copper opened high at 60110 and the price rose to 60370 in the early AM session, but the upside was capped because market investors show some worries about the US employment data released on Friday.
The current level of resistance is $7700 and support is $7400.
Today we are on the lookout out for jobless claims, pending home sales and factory orders & durable goods data from the US.
Last Thursday, LME copper pared losses rising back to $7150 before the SHFE started trading. SH metal prices opened up strong, supported by the rebound in equity market and weak dollar. We saw substantial arbitrage buying interest from the Chinese. On Friday SHFE and LME markets were subdued. Prices moved within a narrow range in the morning. Midday, US Q2 GDP figures were better than expected raising the mood in the market, however keeping prices in their established ranges. Bernanke's speech prompted some choppy trading after investors digested his comments. The metals complex retreated only to sky rocket towards the end of the trading day, as shorts were covering their positions ahead on the UK bank holiday. Copper traded at $7448. Euro picked up to around 1.2760 and Dow Jones recovered to above 10000.
This week, LME metals rose, driven by the news of China Purchasing Managers' Index (PMI) rising in August to a three-month high of 51.7 from 51.2 in July. This indicates an improvement, even though moderate in the manufacturing sector. Copper made a significant break through $7500. Midday, US August ISM manufacturing figures came out better than expected, lifting the Dow Jones index to the high of 10264. The metals complex grew on the back of the spike in optimism. Copper traded at $7619 and touched a fresh four-month peak.
In August LME copper increased almost 8.1 percent at $ 7,285.93 when compared to LME average of July 2010. Today, 3M copper is traded in the range $7600-$7675. Following the overnight strength in LME, SHFE copper opened high at 60110 and the price rose to 60370 in the early AM session, but the upside was capped because market investors show some worries about the US employment data released on Friday.
The current level of resistance is $7700 and support is $7400.
Today we are on the lookout out for jobless claims, pending home sales and factory orders & durable goods data from the US.
Er-bakır Elektrolitik Mamulleri A.Ş (Er-bakir) 12-16 Nisan tarihleri arasında gerçekleşen Wire Düsseldorf fuarındaydı.100'ü aşkın ülkeden 69,200 ziyaretçinin katıldığı fuarda, Er-bakır standı ulusal ve uluslararası ziyaretçilerin ortak buluşma noktasıydı.
Er-bakır, sektördeki yeni gelişmeleri ve inovasyonları takip etmek amacıyla 1986 yılında ziyaretçi olarak katıldığı fuara, 2002 yılından bu yana da stant açarak katılmaktadır.
Er-bakır, sektördeki yeni gelişmeleri ve inovasyonları takip etmek amacıyla 1986 yılında ziyaretçi olarak katıldığı fuara, 2002 yılından bu yana da stant açarak katılmaktadır.