News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/rVUvtEu0bF
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: 0.36% Gold: 0.14% Oil - US Crude: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DEbUuufwvT
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.02% 🇨🇭CHF: 0.02% 🇪🇺EUR: 0.02% 🇯🇵JPY: -0.08% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/iGs9KfJhKR
  • 🇨🇭 KOF Leading Indicators (JUL) Actual: 129.8 Expected: 130 Previous: 133.3 https://www.dailyfx.com/economic-calendar#2021-07-30
  • 🇪🇸 GDP Growth Rate QoQ Flash (Q2) Actual: 2.8% Expected: 2.2% Previous: -0.4% https://www.dailyfx.com/economic-calendar#2021-07-30
  • 🇪🇸 GDP Growth Rate YoY Flash (Q2) Actual: 19.8% Expected: 19% Previous: -4.2% https://www.dailyfx.com/economic-calendar#2021-07-30
  • 🇮🇹 Unemployment Rate (JUN) Actual: 9.7% Expected: 10.4% Previous: 10.2% https://www.dailyfx.com/economic-calendar#2021-07-30
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.42% France 40: -0.46% FTSE 100: -0.79% Germany 30: -0.87% US 500: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/r2ijfBLtbq
  • 🇫🇷 Inflation Rate YoY Prel (JUL) Actual: 1.2% Expected: 1% Previous: 1.5% https://www.dailyfx.com/economic-calendar#2021-07-30
  • Heads Up:🇨🇭 KOF Leading Indicators (JUL) due at 07:00 GMT (15min) Expected: 130 Previous: 133.4 https://www.dailyfx.com/economic-calendar#2021-07-30
Dr Coppers Drop Signals Concerns for the S&P 500

Dr Coppers Drop Signals Concerns for the S&P 500

Justin McQueen, Analyst

Copper Analysis and Talking Points

  • Copper Prices in Correction Territory
  • Copper Shorts Highest Since February 1st - COT
  • Risk Barometer and Trade Sensitive Stocks Point to Gloomy Outlook

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

Copper Prices in Correction Territory

Copper prices have dipped into correction territory falling over 10% since the 2019 peak reached on April 17th following the recent escalation in trade war tensions between the US and China. Consequently, given the sizeable drop in the base metal, this does raise investor angst over the health of the global economy as copper is typically regarded as an important measure of economic performance and particularly that of China, which is the largest consumer of the base metal. As such, the sizeable drop in copper prices raises concerns over equity performance.

COPPER PRICE CHART: Daily Time Frame (Dec 2018 – May 2019)

Dr Coppers Drop Signals Concerns for the S&P 500

Copper Shorts Highest Since February 1st - COT

Rising trade war tensions have caused investors to maintain its bearish positioning on the base metal as net shorts increase by over 8.5k lots as gross longs are liquidated, while gross shorts had also been added. Total net shorts (-35k lots) is now the highest since February 1st. (Full report)

Risk Barometer and Trade Sensitive Stocks Point to Gloomy Outlook

As the economic outlook remains fragile, the risk barometer continues to show investors moving towards defensive stocks over cyclicals, while trade sensitive equities have also edged lower. Consequently, this suggests that risks remain on the downside for the S&P 500.

Dr Coppers Drop Signals Concerns for the S&P 500

COPPER TRADING RESOURCES:

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES