Commodities update
A weekly round up of the latest commodity news in the UK. Updated every Thursday afternoon, the report tracks the price movements of popular commodities such as oil and gold.
Copper (Comex) 23 May 2013
Details
| Prev close | 337.70 | 52 week high | 381.80 |
| Last trade | 331.40 | 52 week low | 304.65 |
| High | 336.55 | Low | 328.25 |
| Daily % Chg | -1.87% | 3 months | -7.35% |
| 1 week | 0.67% | 6 months | -4.65% |
| 1 month | 6.99% | 1 y ear | -9.85% |
Bloomberg Median Forecasts
| Q2 2013 | 1510.0 | Q4 2013 | 1589.0 |
| Q3 2013 | 1555.0 | Q1 2014 | 1520.0 |
Copper falls after weak China data
Copper is down 2% as traders press the sell button, after the HSBC Chinese PMI came in below expectations at 49.6, with analysts expecting a positive reading of 50.5.
Not only did the report come in below estimates, as the reading was below 50.0 it was the first contraction in Chinese manufacturing in seven months.
The price of copper has already been drifting lower over the past few months as traders feared the Chinese economy was slowing down. Copper is an essential metal for Chinese manufacturing and homebuilding, and Beijing recently said copper imports were at a 22-month low. Last night’s report confirmed traders’ suspicions that demand for copper in the world’s second-largest economy is in decline.
The manufacturing sectors of France, Germany and the UK are all in contraction, and this is also weighing on sentiment, as sluggish growth in Europe offers less demand for the red metal. The UK economy barely grew in the first quarter of 2013 and the eurozone is in its sixth consecutive quarterly contraction – unless things improve, copper demand is likely to remain weak. David Madden, London
Notes: Chart data sourced from Bloomberg. Bloomberg Median Forecasts are produced by Bloomberg by taking the median level from rates forecast by a number of contributors. These contributors consist of leading banks and security firms.
disclaimer
IG provides an execution-only service. The material on this website does not contain (and should not be construed as containing) investment advice or an investment recommendation, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of the above information. Consequently any person acting on it does so entirely at his or her own risk. The research does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. This communication must not be reproduced or further distributed.
CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.