Wij gebruiken een aantal cookies om u de best mogelijke browser ervaring te bieden. Door deze website te blijven gebruiken, gaat u akkoord met ons gebruik van cookies. U kunt hier meer leren over ons cookie-beleid of door op de link te klikken onderaan iedere pagina van onze website.
Copper is trading at 303 cents per pound. The latest reading came in at 48, which indicates a contraction in Chinese manufacturing, and the consensus is for the next is 48.4. If the figure is soft, we could see copper drift lower. China is a major copper importer and if traders feel their manufacturing sector is waning it could weigh on copper.
The health of the Chinese credit market is also being called into question; China’s yuan dropped to its lowest level against the US dollar in 14 months, and some foreign exchange traders felt the Chinese central bank was behind the move. If Chinese banks start to rack up bad debts and the liquidity pool starts to drain, it could also drag copper lower.
The 50-day moving average of 304 cents per pound is acting as resistance. A weak HSBC survey of Chinese manufacturing could push copper back below 300 cents per pound.