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8/20/10 Copper futures prices have been trading sideways this
week as many U.S. economic reports disappointed the markets.
Copper prices seem to be waiting for signs that the global
economic outlook is improving before moving higher.
8/13/10 Copper futures prices sold off this week by about 15
cents as the Fed told the world that rates will remain low for
an extended period and that the US was not growing as quickly as
expected. Recent reports out of China were not as strong as
expected either.
8/6/10 Copper futures prices are still rallying in spite of word
from China that they might take additional measures to slow down
their economy. The emerging markets still need copper for growth
of housing and infrastructure.
8/2/10 Copper futures prices are still running higher as less
worries about the Eurozone defaulting on its debt and the idea
that the United States and other economies around the globe will
begin to grow again and demand for the red metal may increase.
7/24/10 Copper futures prices rallied almost 20 cents this week
as the US Dollar continues to sell off and the idea that the
global recovery in Asia is beginning to occur. Copper option
premiums remain high.
7/10/10 Copper futures prices rallied this week with the weak US
Dollar and a few good economic reports in the U.S. and abroad.
The idea that the worst of the European Union debt problems are
behind and improvement is expected is also firming copper
prices.
7/2/10 Copper futures prices sold off this week as ideas of the
global economy slowing including China and the potential for a
double dip recession in the United States is beginning to
permeate the markets. Copper sold off almost 10 cents per pound
this week.
6/25/10 Copper futures prices rallied this week as ideas that
the rising Yuan may result in greater demand for copper. The
International Copper Study Group recent said that refined copper
use was up 13.4% in March versus a year ago.
6/11/10 Copper futures prices hit an 8 month low this week as
ideas that China will slow its buying of the red metal and the
unknown sovereign debt issues that may come forward in many of
the European economies including the United Kingdom.
6/4/10 Copper futures prices fell quite a bit this week as the
idea of a global recovery is starting to fade as China is trying
to slow its inflation. The world bank recently predicted that
China would grow by 9-10% in 2010.
5/28/10 Copper futures prices rallied this week as the stock
markets and many of the commodity markets rallied on good news
from China and the idea that the bailout in the Eurozone might
help stabilize the markets some.
5/21/10 Copper futures prices came down with the rest of the
commodity markets this week as the European problems stemming
from Greece and the other PIIGS are expected to hurt demand for
many commodities. Investors seem to be choosing cash over stocks
and commodities for now. China's economy may be slowing as well.
5/14/10 Copper futures prices are still trading in a roughly 20
cent range in spite of the news that the LME copper inventories
were down 1,255 tons this week to 485,150 tons which is the
lowest level so far this year.
5/7/10 Copper futures prices came down hard this week as China
increased its reserve requirements for its 5 government owned
bank. The problems in Greece are also decreasing investors' risk
appetites for now and pushing assets into the US Dollar and US
Treasuries.
4/25/10 Copper futures prices are still relatively high as
recent news from around the globe has caused optimism that many
economies will begin to grow soon including the United States.
4/16/10 Copper futures prices sold off towards the end of the
week as the fraud charges against Goldman Sachs by the SEC
helped pressure the stock and commodity markets. Copper prices
had been trading near the upper part of its recent range.
4/9/10 Copper futures prices rallied this week as the idea that
many of the economies around the world are improving and more
good manufacturing news out of the US is also helping copper
prices run. Copper option premiums are high.
3/27/10 Copper futures prices have been trading sideways for the
last couple of weeks as the strengthening US Dollar has stifled
many rally attempts. The International Copper Study Group said
that world production exceeded usage by 365,000 tons. Chinese
customs said that imports of refined copper were up 12% in
February.
2/26/10 Copper futures prices came down this week along with
many other commodity markets as the combination of a stronger US
Dollar and weak economic reports pressured prices. The
International Copper Study Group came out with its estimate that
world refined copper production outpaces usage by 75,000 tons in
November. China's copper imports were up 9% from a year ago.
Copper option premiums are high.
2/12/10 Copper futures prices rallied back this week as reports
of continued strong economic growth out of China and the idea
that Europe will help Greece with its financial problems pushed
the US Dollar down and most of the commodity markets higher this
week.
2/5/10 Copper futures prices crashed this week to an 11 week low
as the strong US Dollar is expected to hurt demand for
commodities and the recent attempts by China to slow its economy
also has investors scared of the long side of the trade.
1/30/10 Copper futures prices came down again this week as the
strength in the US Dollar continues to hurt the metals complex.
Also pushing copper down was the weaker than expected new home
sales numbers, weak jobless claims and a weak durable goods
report.
1/22/10 Copper futures prices came down this week with the rest
of the commodity markets as the US Dollar continues to rally and
the idea that China is trying to restrain its economy by raising
rates and increasing the minimum amount of money that banks must
keep in reserve will diminish demand.
1/15/10 Copper futures prices are coming down this week in spite
of news that Chin's exports were up 18% from a year ago. China
is also trying to slow its economy from overheating and causing
inflation. Copper option premiums are high.
1/8/10 Copper futures prices rallied to contract highs as the
Index of Manufacturing in China rose from 55.7 to 56.1 in
December which is the highest rating in 5 years. The
Chuquicamata mine strike in Chile ended with workers being
awarded higher pay.
1/1/10 Copper futures prices rallied to a 16 month his as
the worker strike in the Chuquicamata copper mine in Chile
coupled with strong Asian demand and low global interest rates
is lending strength to copper prices. The rally occurred in
spite of the strong US Dollar. Copper options premiums are high.
12/11/09 Copper futures sold off 10 cents this week as the LME
inventories grew to 452,550 tons which is up 33% for 2009. The
strong rally in the US Dollar is weakening many commodities,
especially the metals sector.
12/4/09 Copper futures prices ran again this week as India's GDP
rose 7.9% in the 3rd quarter to a 15 month high and did not get
hurt to badly be the dramatically higher US Dollar move
following the upbeat jobs report on Friday.
11/28/09 Copper futures prices ran again this week along with
the rest of the metals complex as the US Dollar hit an 18 month
low and strong demand signals from Asia continue to push copper
prices higher. Copper option premiums are high.
11/20/09 Copper futures prices have been running to the upside
with the US Dollar hitting another contract low and the overall
strength in the commodity markets. The strike at the Spence
Copper Mine in Northern Chile is estimated to be costing BHP
Billiton about 50 tons of production each day. The recent good
economic news out of China is also helping prices.
11/13/09 Copper futures prices are steady in spite of the recent
report that LME inventories climbing to 402,125 tons and China's
estimate that imports of copper were down 34%. On the bullish
side, the China Bureau of Statistics said that Chinese
industrial production was up 15% for October compared to a year
ago.
11/6/09 Copper futures prices are selling off in spite of
positive manufacturing reports and the estimate that China's GDP
will increase more than expected next year. LME inventories are
up 1,625 tons to 373,800 tons which is the most since May 12.
10/24/09 Copper futures prices are still near the highs as the
International Copper Study Group estimates that there is a world
production deficit of 186,000 tons in the first seven months of
2009. Copper option premiums are still high.
10/9/09 Copper futures prices are running this week as the US
Dollar is selling off to its 12 month lows as many countries are
rumored to be moving away from the US Dollar as a reserve
currency. The recent economic news showed the global economy
strengthening which should bode well for copper prices.
9/25/09 Copper futures prices fell this week as the US Dollar
strengthened from its yearly lows. The International Copper
Study Group estimates that copper production fell short of
consumption by 155,000 tons in June and by 292,000 for the first
half of 2009. London Metals Exchange inventories hit the highest
level since May and copper had its lowest close in 7 weeks.
9/18/09 Copper futures prices fell this week in spite of the
recent signs that the global economy may be recovering and the
weakening US Dollar. The copper market may have run up a little
bit too fast based on its fundamentals. Copper option premiums
are high.
9/11/09 The Chinese Association of Automobile Manufacturing says
that 858,000 vehicle sales occurred in August which is up 90%
from the previous month. Copper prices are near $3 per pound
again. Copper option premiums are high.
9/4/09 Copper futures prices sold off from the highs based on
news that China may be done with its recent buying spree and in
spite of the better than expected US manufacturing report which
showed the first expansion in 19 months. Copper option premiums
are high.
8/21/09 Copper futures prices are trading sideways this week
around the $2.70 per pound area. The lack of any bullish or
bearish news has the copper market consolidating sideways for
now. Copper option premiums are high.
8/7/09 Copper futures prices are rallying to contract highs as
the perception of an improving global economy and the weakening
US Dollar are helping push many commodities higher. Upbeat
manufacturing data out of China is also helping push copper
prices higher. Copper option premiums are high.
7/31/09 Copper futures prices rallied to a 9 month high based on
some very strong industrial production numbers coming out of
Japan and the weakening US Dollar. Copper was also aided by the
all around strength in the rest of the commodity sector. Copper
option premiums are high.
7/20/09 Copper futures prices are rallying based on good retail
sales, better than expected industrial production figures,
positive economic news coming from China and Singapore are all
helping the copper bulls. Copper is at its highest level in 5
weeks. Copper option premiums are high.
7/10/09 Copper futures prices are selling off again in spite of
China importing a record 475,999 tons of copper production in
June and 6.1 million vehicles were sold in China in the first
half of 2009. The is 18% higher than last year. Copper option
premiums are high.
7/4/09 Copper futures prices continue to sell off as the US
Dollar continues to bounce off of the 80 level and inflation
does not seem to be coming anytime soon. China's manufacturing
sector is still showing gains. Copper option premiums are high.
6/20/09 Copper futures prices have been falling as the US Dollar
continues to strengthen and Shanghai inventories are at levels
not seen in a year or so. Copper option premiums are high.
6/5/09 Copper futures prices rallied based on 3 consecutive
months of manufacturing growth out of China. It had its highest
close in 7 months. Copper option premiums are high.
5/30/09 Copper futures prices rallied as a better economic
outlook and better consumer confidence in the US and the
potential for a V shaped recovery for China's economy is helping
the markets. There was also a big jump in Japanese industrial
production. Copper option premiums are high.
5/22/09 Copper futures prices are still range bound sideways as
bad housing data clashes with Chinese demand. Copper option
premiums are high.
5/15/09 Copper futures prices are selling off as bad retail
sales numbers make the bottom in the economy unclear. The LME
stocks are low but China may have plenty of copper supply on
hand for now. Copper option premiums are high.
5/8/09 Copper futures prices are rallying again. The Index of
Manufacturing in China rose from 44.8 to 50.1 which is that
first expansion in 9 months. Copper options premiums are high.
4/30/09 Copper futures prices are still in an uptrend in spite
of the International Copper study Group's estimate that copper
production outpaced copper consumption by 155,000 tons in
January of 2009. Copper option premiums are high.
4/23/09 Copper futures prices have come down a bit from its
highs as the rally seems to have gotten ahead of itself. The LME
copper supplies are down 50,000 metric tons since the beginning
of the month based on Chinese buying. China
is expected to begin to recover from the global recession first
and its need for copper to support its infrastructure plans are
robust. Copper option premiums are high.
4/10/09 Copper futures prices are running again as the Shanghai
exchange copper levels are still near record lows and the
consolidation of the copper market may enable producers to
control prices better. Copper option premiums are high.
3/27/09 Copper futures prices are still running to a 4 month
high as China imported 270,948 tons of copper in February. China
is the number one consumer of copper. Copper option premiums are
high.
3/20/09 Copper futures prices are trending higher as the threat
of inflation is nearing after the worst deflationary cycle since
the Great Depression may be ending. The recent move by the Fed
to print a trillion dollars and then use them to buy treasuries
has significantly devalued the US Dollar. Copper option premiums
are high.
3/13/09 Copper futures prices are holding the recent levels as
more infrastructure talk around the globe is supporting futures
prices. The Shanghai exchange still has very low stockpiles of
copper. Copper option premiums are high.
3/7/09 Copper futures prices are trying to rally of the base
that it has been forming for the last few months. The Chinese
economy is looking brighter with their infrastructure stimulus
package and the US and UK are looking at infrastructure packages
of their own. Copper option premiums are high.
2/27/09 Copper futures prices are still trading sideways along
with many other commodities. Copper bulls are waiting for more
buying from China or confirmations about infrastructure spending
in the US. Copper option premiums are high.
2/13/09 Copper futures prices are still range bound but look to
have found support near the recent lows. Copper got a nice push
based on the US infrastructure plan but it is now unclear how
much money will actually be put towards infrastructure spending.
Copper option premiums are high.
2/6/09 Copper futures prices are trading in a 20 cent sideways
pattern as the stimulus plan and the infrastructure renovation
parts of the bill has yet to be passed. The massive
infrastructure development would use up much of the burdensome
supplies of copper. Copper option premiums are high.
1/30/09 Copper futures prices are basing sideways which may be
an indication of a market waiting for a potential break out to
the upside. Copper recently rose to its highest price in 7 weeks
based on the potential demand for copper if the US
infrastructure bill passed through congress. Copper option
premiums are high.
1/16/09 Copper futures prices are still down as Chinese demand
is expected to fall around 5% this year and a recovery in
housing prices is unlikely. The LME has copper inventories at a
5 year high. Copper option premiums are high.
1/10/09 Copper futures prices rallied this week based on
expectations that the US and China will increase spending on
infrastructure this year. Copper option premiums are high.
12/17/08 Copper futures prices rallied this week based on major
buying from China and news that copper producers are cutting
production and closing copper mines because of cheap prices.
Copper option premiums are high.
12/19/08 Copper futures prices have been moved by the US Dollar
this week. Strong dollar days are met with pressured copper
prices and weak dollar days are met with copper strength. Copper
option premiums are high.
12/12/08 Copper futures rallied with the rest of the commodity
markets this week as the US Dollar began to sell off
dramatically from the highs. Copper option premiums are high.
12/5/08 Copper futures hit a new contract low this week as the
US Dollar goes higher and the global economy weakening. Copper
option premiums are high.
11/30/08 Copper futures prices are having trouble rallying
because of the global economy and the perception of a
recessionary period. Copper option premiums are high.
11/21/08 Copper futures prices are coming down with the rest of
the metals sector as the US Dollar continues to stay strong.
Copper option premiums are high.
11/7/08 Copper futures prices are being pressured by bad
manufacturing data and stockpiles at the LME and Shanghai are
still growing. Until housing or manufacturing look like they
will turn around, prices may suffer. Copper option premiums are
high.
11/1/08 Copper futures prices are still being pressured to the
downside based on the perception of a global slowdown and the
strong US Dollar. The recent housing report only helped copper
rally for a day. Copper option premiums are high.
10/24/08 Copper futures prices are still coming down and are
down about 60% for the year. Commodities in general are coming
down as massive deleveraging continues. The repatriation of US
Dollars is also hurting commodity prices. Prices are now
at 2005 levels and still falling. Fears of the global recession
and housing problems around the globe are also pressuring
prices. Copper option premiums are high.
10/10/08 Copper futures prices are still crashing. Copper prices
just had their worst week since 1988 and are down 22% just in
one week. Demand destruction over the near term is being blamed
because of China's lack of purchased. Copper futures prices are
down over 40% for the year. Copper option premiums are high.
10/6/08 Copper futures prices are below $2.50 as investors
scramble for liquidity. Fears of a global recession,
deflationary pressure and the strong US Dollar are hurting
demand for copper. Copper option premiums are high.
9/25/08 Copper futures prices are trading sideways because of a
lack of good news about the housing markets or good news about
the global economy beginning to improve. Copper option premiums
are above average.
9/19/08 Copper futures prices neared $3 on slowing global demand
and the rush to liquidity because of the financial meltdown in
the global stock markets. Copper option premiums are high.
9/12/08 Copper futures prices are still falling based on the
rise in the US Dollar. A lack of any Chinese buying has the
copper market concerned. Copper option premiums are high.
9/5/08 Copper futures prices dumped this week as the US Dollar
rallied again, concerns about a global slowdown (especially
China) and the increase in the LME inventories of 1,575 tons.
Copper option premiums are high.
8/29/08 Copper futures prices sold off this week as the US
Dollar rallied and many poor economic reports came out showing
the potential for more slowing of many world economies. Copper
option premiums are high.
8/22/08 Copper futures prices had a strong rally this week led
by the sell off that occurred in the US Dollar after its month
long run to the upside. The 25 cent rally may have trouble
holding on if the US Dollar continues to rally. Lots of money is
coming to the US from Europe and Asia because of worries about
Russian aggression. Copper option premiums are high.
8/15/08 Copper futures prices fell again this weak based on the
extremely strong US Dollar and the belief that global economies
around the world are weakening, including China. Copper option
premiums are high.
8/8/08 Copper futures prices fell again this week based on the
Federal Reserve Bank leaving rates unchanged and the perception
by traders of a slowing world economy will limit copper demand.
Copper futures prices are at a 6 month low and about a dollar
off of the May high. Copper option premiums are high.
7/25/08 Copper futures prices fell again this week based on the
slowing US economy and its potential effects upon China's
demand. Freeport-McMoran is the largest public copper producer
and its sales were down 6% from a year ago based on lower
Chinese demand. Copper option premiums are high.
7/18/08 Copper futures prices fell this week in the wake of a
broad based commodity sell off led by crude oil. Chinese copper
import demand in June was down 19% from a year ago which leads
traders to believe that the world economy may slow down. Copper
option premiums are high.
7/11/08 Copper futures prices fell 25 cents from its rally
through $4 based on the copper mine strike concluding. Copper
option premiums are high.
7/4/08 Copper futures prices rallied above $4 this week as the
strike in Peru looked to cause major disruptions in supplies but
the strike was avoided and copper prices crashed because of it.
Copper option premiums are high.
6/27/08 Copper futures prices rose this week as the Federal
Reserve Bank did not raise rates causing the US Dollar to fall.
There is an inverse relationship with the weakening US Dollar
and increasing metals prices. Copper option premiums are high.
6/20/08 Copper futures prices rallied this
week as the US Dollar fell. This run put copper prices up to a
one month high. Also helping copper was the world bank's
prediction that real GDP for China would increase from 9.4% to
9.8%. Copper option premiums are very high.
6/13/08 Copper futures prices have been hurt
recently by the rally in the US Dollar and talk of a global
slowing of economies because of record oil and grain prices.
Copper option premiums are high.
6/6/08 Copper futures prices are rallying
this week based on the sell off in the US Dollar because of the
EU talking about having to raise interest rates because of
inflation issues. Copper option premiums are high.
5/30/08 Copper futures prices are coming
down this week as the stronger GDP numbers pushed the US Dollar
up again. The Federal Reserve Bank is also talking about
potentially being finished lowering interest rates. Copper
option premiums are high.
5/23/08 Copper futures prices are trading
sideways while there is a lack of any fundamental news in the
market. The weakening US Dollar is helping copper hold is price
levels currently. Copper option premiums are high.
5/15/08 Copper futures prices are selling
off this week based on China's industrial production estimates
being up only 15.7% in April which is less that was expected.
The strike in the largest copper mine in the world was settled.
Copper option premiums are high.
5/9/08 Copper futures prices rallied to a
new high this week based on the largest copper mine in the world
being closed down by a workers strike. The rally was short lived
because workers agreed to the new bonus structure and resumed
work. The weak US Dollar is keeping prices around $3.70 pound.
Copper option premiums are high.
5/1/08 Copper futures prices sold off again
this week as the US Dollar continues to climb. The FOMC meeting
hinted to a cessation of interest rate cuts soon which gave the
dollar bulls some hope and crushed copper prices. Copper option
premiums are high.
4/25/08 Copper futures prices sold of from
all time highs this week based on the strong US Dollar and weak
overall commodity prices. Demand for copper is still brisk but
the rising US Dollar makes it more expensive for foreign buyers.
Copper option premiums are high.
4/18/08 Copper futures prices are very near
their all time highs and were helped there by the strike in the
world's largest copper mine, Codelco, in Chile this week. The US
dollar hitting record lows and China's first quarter GDP growth
being over 10% also helped the metal reach higher
ground. Copper option premiums are high.
4/11/08 Copper futures prices stayed near
their all time highs this week as a power shortage in Chile
disrupted mining. Also helping prices was China's insatiable
appetite for industrial metals. Chinese copper imports are
expected to rise 20% this year. Copper option premiums are high.
4/4/08 Copper futures prices are near their
all time highs this week which makes one wonder just how bad the
global economy could be. Copper is considered by many to be the
only commodity with a PhD. in economics because the rise and
fall of copper futures prices often precedes economic expansions
and declines. In this case the red metal is near its all time
highs so an expansion of the global economy could be right
around the corner. Copper option premiums are high.
3/28/08 Copper futures prices bounced this
week based on the Asian demand for the red metal. The world's
copper production fell short of consumption by 42,000 tons in
2007 one report said. Copper option premiums are high.
3/21/08 Copper futures prices kept falling
this week as Wall Street hedge funds and commodity funds
liquidated futures positions to cover margin calls in stocks and
to pay back borrowed money. The Bear Stearns issue took the
confidence from investors. The Fed's 75 basis point cut
surprised investors because a full 100 basis point cut was
expected. Copper option premiums are high.
3/14/08 Copper futures prices are
consolidation sideways near $4/lb for the last couple of weeks
based on infrastructure demands from China, India and Brazil
whose economies and industrial metals demands are growing
dramatically. The weak US Dollar and the expectations of another
Federal Reserve Bank rate cut is propping up prices as well.
Copper option premiums are very high.
3/7/08 Copper futures prices rallied to
break the $4/lb. level this week before getting caught in the
broad based commodity sell off. Fears that the slowing US
economy may slow Chinese expansion. China has had an insatiable
appetite for industrial metals lately and have been driving the
copper futures prices higher and the LME's inventories have
shrunk 30% this year to a 3 day global usage supply. Copper option premiums are high.
2/29/08 Copper futures prices rallied with
the other metals this week based on inflation concerns because
the Fed is expected to cut rates by another 50 basis points at
the March 18-19 Federal open market committee meeting. Copper
futures are also gaining strength based on industrial metal
ETF's and speculative capital leaving stocks and bonds searching
for returns. Copper option premiums are high.
2/22/08 Copper futures prices hit contract
highs this week based on heavy Chinese demand that led to draw downs in LME warehouse stockpiles. The weaker US dollar is also helping
to push copper futures prices higher. Copper is considered a
predictor of economic ups and downs and this contract high would
signal that the global economy may not slow down as much as
predicted. Copper option premiums are high.
2/15/08 China and India's insatiable demand
for industrial metals caused a rally in copper futures prices
this week. The very active emerging economies are still using up
supplies in spite of a possible US slowdown. Especially when one
figures in that there are 3 billion people in Asia vs. 100
million in the US. The lower dollar also helped copper futures
prices rise above $3.50 a pound this week. Copper option
premiums are high.
2/8/08 Copper futures prices hit a 10 month
high this week based on a drawdown in LME stockpiles to the
lowest level since November and Chinese
demand. Copper futures prices are rising in spite of a possible
recession and Chinese growth estimates being lowered by the
world bank from 10.8% to 9.6%. Copper futures prices are also
unexpectedly running up in spite of the strengthening US Dollar.
Copper options volatility premiums are extremely high.
2/1/08 Copper futures prices are
consolidating sideways with doubts about the US economy's
weakness and its affects on the rest of the globe. China's
demand for copper is still robust but lessening. Copper futures
prices have been called the only futures prices with a PhD. in
economics because falling prices often signal receding
economic conditions. Copper options volatility premium is
currently high.
1/18/08 Copper futures prices sold off
through the $3.20 level this week. The weak US Dollar and the
Fed cutting interest rates again should help support prices and
there is still a lot of demand at current copper future prices.
China's expansion is using huge amounts of copper and supporting
copper futures prices. The current
industrial metal futures bull market seems to be leveling out at
these levels. An expected US slowdown may put a lid on prices for now.
The International Copper Study Group said that world consumption
of copper exceeded production by 265,000 tons in the first nine
months of 2007. Copper futures prices are still down.
-T & K Futures and Options Inc.
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