Support Holds as USD Drop Offsets Chinese PMI Miss

Hits: 7


CopperPrice Analysis and Talking Points:

  • Copper Prices Initially Pressured After Chinese PMI Miss
  • Copper Dip Pared on Drop in Stocks and Softer USD

See our quarterly commodity forecast to learn what will drive prices throughout Q2!

Copper Prices Initially Pressured After Chinese PMI Miss

Overnight, Chinese data disappointed market expectations with the manufacturing PMI posting a surprise drop to 50.1, from 50.5 in March, which had been below the market consensus of 50.7. This had also coincided with the softer Caixin manufacturing PMI, as such, copper prices had come under pressure amid concerns that China’s stimulus efforts are having a limited impact. However, while the reading had been weaker than expected, Chinese PMI remains in expansionary territory.

Copper Dip Pared on Drop in Stocks and Softer USD

With the USD on the defensive, this has seen flows filter into the commodity space with the base metal tracking higher and holding above $6400. Alongside this, LME warehouse movements (released 9am London time) showed a decline in copper stockpiles (-3050), thus providing an added boost to copper.

How to trade copper

COPPER PRICE CHART: Daily Time-Frame (Nov 2018-April 2019)

COMMODITY TRADING RESOURCES:

— Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

http://platform.twitter.com/widgets.js



Source link

Can you get prosperous from fx trading? The serve is if you go from river forex, and promiscuous forex, use algorithms in fxtrading, what is farm in forex 1 symbol canadian, netdania forex, buy increase vantage of the forex scheme indicators, and account the mean fx strategy. We present follow win all.


Top 10 problems you may need in life:

01. Espresso Machines review|
02. Gaming Keyboards review|
03. Gaming Headsets review|
04. Virtual Reality Headsets review|
05. Cordless Drills review|
06. Electric Keyboards review|
07. Gaming Mouse review|
08. Gaming Monitors review|
09. Gaming Laptops review|
10. WiFi Routers review|