copper and basemetals NEWS FOCUS-Copper takes beating on LME, falls under $7,000 level
BaseMetals.com - Martin Hayes
Copper fell under the $7,000 a tonne level on the LME on Friday, the first time the market has been under this point since since mid-summer, as CTA and systems-based sales resulted in prices finally breaking out of the $7,000/8,000 range.
Sell-stops were subsequently triggered just under $7,000, driving the market down even further to $6,915 a tonne, down $395, or 5.4 percent from Thursday, the lowest now since June.
On the charts, there has now been a conclusive break-out of a pennant formation, and the decline, if confirmed, points to further losses. The next key target on the downside is the $6,400/6,500 mid-June lows.
Fundamentally, Friday's losses were sparked by warehouse stock increases in China and on the LME, where stocks rose 1,625 tonnes to 148,200 tonnes, a fresh high since May 2004.
Since early-October, 38,650 tonnes of copper have flowed into LME warehouses, an increase of 35 percent, swinging the market decisively into contango. On Friday, the cash/threes spread was $15/20 contango, against May's $175 backwardation.
Also undermining sentiment has been the early start to labour talks at Codelco's Chuquicamata facilities, which lessened concern ahead of the end-year contract expiry.
Codelco, the world's biggest copper producer, started negotiations with the top union at its largest copper mine in Chile. The second- and third-largest unions at Chuquicamata are not in discussions. They are set to start negotiations on November 17,
The possibility of supply-side stoppages at the 855,000-tonne a year facilities has been the sole prop for prices after a string of deals at other copper producers.
- Forums
- ASX - By Stock
- BHP
- re: copper
re: copper, page-2
-
-
- There are more pages in this discussion • 5 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add BHP (ASX) to my watchlist
|
|||||
Last
$39.73 |
Change
-0.280(0.70%) |
Mkt cap ! $201.4B |
Open | High | Low | Value | Volume |
$39.90 | $40.05 | $39.61 | $245.1M | 6.156M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 3989 | $39.71 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$39.75 | 8637 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1359 | 42.000 |
4 | 20542 | 41.710 |
8 | 3048 | 41.670 |
6 | 2109 | 41.250 |
2 | 643 | 41.000 |
Price($) | Vol. | No. |
---|---|---|
35.760 | 300 | 1 |
37.750 | 4014 | 4 |
38.500 | 232 | 6 |
38.610 | 4908 | 5 |
38.800 | 8826 | 3 |
Last trade - 16.10pm 19/08/2024 (20 minute delay) ? |
Featured News
BHP (ASX) Chart |