HGO

1.52%

6.7¢ hillgrove resources limited

Hi Alee.Interesting thanks..Given that markets are driven by the...

First 57 Last

Share
Profile

Follow
VYR

4,481 Posts.

2814

20/06/24

21:19

Post #: 74415038
Share

Originally posted by Alee26: ↑

China's Copper Exports Jump To Record On 'Export Arbitrage'
Until the Chinese government introduces more robust stimulus packages to counter soft economic data and exporters in the world's second-largest economy ease up on flooding global markets with copper, prices of the base metal—crucial for power lines and AI data centers—are expected to remain under pressure.
The latest customs data from Bloomberg shows that Chinese exports of unwrought copper and other products in May doubled from last year to roughly 150,000 tons, exceeding the previous high in 2012. This comes as copper prices hit a record high of more than $5.10/lb on COMEX.
In late May, copper hit a record of $5.10/lb, as traders panicked and bought the red metal on the 'Next AI Trade' theme, primarily because of tightening supplies and rising demand from electric vehicles, AI data centers, reshoring, and power grid upgrades.
However, as Bloomberg explained:
In other words, Chinese exporters have been exporting deflation via the red metal as domestic economic activity remains in a slump.
"We believe copper prices will likely remain under pressure in the short-term, unless the Chinese government unveils sustained stimulus measures, or we see Chinese smelters cutting output," analysts at ING wrote in a note.
Traders have also been watching for signs of recent price declines stimulating buying from manufacturers. But traders and analysts remain doubtful that demand will rebound meaningfully.
"With Chinese smelters still delivering cathode into bonded warehouses owing to the open export arbitrage, it still feels too early to say we are at the bottom of the current copper price cycle," Colin Hamilton, managing director for commodities research at BMO Capital Markets, wrote in a note to clients.
Last week, Trafigura Chief Economist Saad Rahim, one of copper's biggest bulls, called the recent copper price surge unjustified due to real-world supply:
At the end of last week, Goldman's James McGeoch pointed out to clients that the multi-month trend line supporting prices has been broken.
There is some good news for bottom watchers, as Bloomberg noted:
Now, the copper bull market is at crossroads. Bulls need supply to continue tightening, and China needs to stop dumping supply for the 'Next AI Trade' to play out.

Expand

Hi Alee.

Interesting thanks..

Given that markets are driven by the 24 hour news cycle and as investors we are better served by concentrating on the big picture fundamentals , I'm not inclined to take James' comment and the supporting worm chart very seriously given the worm had already turned up and was rising to who knows where.I drew a bigger picture multi month trend line starting at when the big picture low occurred to show why I as a long term investor don't take charts too seriously.

Last edited by VYR: 20/06/24

HGO Price at posting: 6.8¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

SS1

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

SVL

Silver Mines models five new calderas close to 396Moz Bowdens deposit

LRV

Larvotto identifies new exploration target at NSW's Hillgrove, boosting shares by nearly 20%

Week 26 Wrap: Cerberus of inflation barks – rents, electricity & fuel – and world watches two elders bicker

Wealth Within weighs in on shock 4% inflation read – and stocks that could survive the gloom

CMX

ChemX Materials kicks off first stage works at WA high purity alumina pilot

AVA

Ava Risk Group expands US presence with A$0.7M Substation Deal

LU7

Lithium Universe (ASX:LU7) board visits Quebec to engage key stakeholders

RCE

Recce's R327 found effective against E.coli during clinical trial

Microcap Wrap: 5 explorers with news out today

There are more pages in this discussion • 29 more messages in this thread...

First 57 Last

Add HGO (ASX) to my watchlist

(20min delay)
Last 6.7¢		Change 0.001(1.52%)		Mkt cap ! $140.4M

Open	High	Low	Value	Volume
6.6¢	6.9¢	6.6¢	$151.5K	2.262M

Buyers (Bids)

No.	Vol.	Price($)
3	546989	6.6¢

Sellers (Offers)

Price($)	Vol.	No.
6.7¢	92468	2

View Market Depth

No.	Vol.	Price($)
3	546989	0.066
4	416844	0.065
6	444408	0.064
6	354576	0.063
7	654103	0.062

Price($)	Vol.	No.
0.067	92468	2
0.068	62477	2
0.069	412735	2
0.070	336580	7
0.071	130000	1

Last trade - 16.10pm 28/06/2024 (20 minute delay)

HGO (ASX) Chart

Hi Alee.Interesting thanks..Given that markets are driven by the...

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

Silver Mines models five new calderas close to 396Moz Bowdens deposit

Larvotto identifies new exploration target at NSW's Hillgrove, boosting shares by nearly 20%

Week 26 Wrap: Cerberus of inflation barks – rents, electricity & fuel – and world watches two elders bicker

Wealth Within weighs in on shock 4% inflation read – and stocks that could survive the gloom

ChemX Materials kicks off first stage works at WA high purity alumina pilot

Ava Risk Group expands US presence with A$0.7M Substation Deal

Lithium Universe (ASX:LU7) board visits Quebec to engage key stakeholders

Recce's R327 found effective against E.coli during clinical trial

Microcap Wrap: 5 explorers with news out today

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Hi Alee.Interesting thanks..Given that markets are driven by the...

Top Stories

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

Silver Mines models five new calderas close to 396Moz Bowdens deposit

Larvotto identifies new exploration target at NSW's Hillgrove, boosting shares by nearly 20%

Week 26 Wrap: Cerberus of inflation barks – rents, electricity & fuel – and world watches two elders bicker

Wealth Within weighs in on shock 4% inflation read – and stocks that could survive the gloom

ChemX Materials kicks off first stage works at WA high purity alumina pilot

Ava Risk Group expands US presence with A$0.7M Substation Deal

Lithium Universe (ASX:LU7) board visits Quebec to engage key stakeholders

Recce's R327 found effective against E.coli during clinical trial

Microcap Wrap: 5 explorers with news out today

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News