Copper continues to strengthen
After rising to three-week high price levels on September 14, copper continued to move higher on September 15 to fresh three-week high price levels. On September 15, COMEX copper for December delivery gained 0.56% and moved to $2.16 per pound.
China data improved the sentiment
The better-than-expected economic data released since the beginning of this week improved the sentiment in the copper market and supported copper prices. China is the largest copper consumer. It accounts for about half of the total global consumption. As a result, China’s economic data influence copper’s demand and price trends. This week, the initial support for copper came from China’s industrial production data, retail sales, and fixed-asset investment data released on September 12. According to the National Bureau of Statistics of China, China’s industrial production for August grew 6.3% year-over-year—the fastest grow in the past five months. This is better than the previous month’s growth of 6% and the market’s expectation of 6.1%. In August, fixed-asset investment in China grew 8.1%—compared to the same period in 2015.
Following the upbeat data, on September 14, the People Bank of China reported a rise in new loans to 948.7 billion yuan. The rise was better than the market’s expectation of 750 billion yuan. The supporting data improved the demand signals from China and moved copper to three-week high levels.
On September 15, major copper producers Freeport-McMoRan (FCX) fell 0.1%, while Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) gained 0.95%, 2%, and 0.53%, respectively. The SPDR S&P Metals & Mining ETF (XME) gained 1.2% and the PowerShares DB Base Metals (DBB) fell 0.96%.
Read more - https://www.goldcruderesearch.com/comex.php
After rising to three-week high price levels on September 14, copper continued to move higher on September 15 to fresh three-week high price levels. On September 15, COMEX copper for December delivery gained 0.56% and moved to $2.16 per pound.
China data improved the sentiment
The better-than-expected economic data released since the beginning of this week improved the sentiment in the copper market and supported copper prices. China is the largest copper consumer. It accounts for about half of the total global consumption. As a result, China’s economic data influence copper’s demand and price trends. This week, the initial support for copper came from China’s industrial production data, retail sales, and fixed-asset investment data released on September 12. According to the National Bureau of Statistics of China, China’s industrial production for August grew 6.3% year-over-year—the fastest grow in the past five months. This is better than the previous month’s growth of 6% and the market’s expectation of 6.1%. In August, fixed-asset investment in China grew 8.1%—compared to the same period in 2015.
Following the upbeat data, on September 14, the People Bank of China reported a rise in new loans to 948.7 billion yuan. The rise was better than the market’s expectation of 750 billion yuan. The supporting data improved the demand signals from China and moved copper to three-week high levels.
On September 15, major copper producers Freeport-McMoRan (FCX) fell 0.1%, while Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) gained 0.95%, 2%, and 0.53%, respectively. The SPDR S&P Metals & Mining ETF (XME) gained 1.2% and the PowerShares DB Base Metals (DBB) fell 0.96%.
Read more - https://www.goldcruderesearch.com/comex.php
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