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.

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
EUR/USD
Bearish
Oil - US Crude
Mixed
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
Wall Street
Mixed
Gold
Mixed
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
GBP/USD
Bearish
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
USD/JPY
Bullish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.01%, while traders in EUR/GBP are at opposite extremes with 67.78%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/H5Xd8swRpB
  • Gold and silver are at risk of extending their slide from monthly highs as the lack of additional fiscal stimulus and rising geopolitical tensions underpin USD. Get your market update from @DanielGMoss here: https://t.co/sYF5pV9zrE https://t.co/7ISKJ2r1Ea
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.20% 🇳🇿NZD: 0.12% 🇨🇦CAD: 0.10% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.02% 🇪🇺EUR: -0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/heYtrV7dTD
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.61% France 40: 0.57% Wall Street: 0.56% US 500: 0.55% Germany 30: 0.53% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/qOR5cU4JZ1
  • AUD/JPY IG Client Sentiment: Our data shows traders are now net-long AUD/JPY for the first time since Sep 16, 2020 11:00 GMT when AUD/JPY traded near 76.69. A contrarian view of crowd sentiment points to AUD/JPY weakness. https://www.dailyfx.com/sentiment https://t.co/ixxjaexZoP
  • The US Dollar is struggling against ASEAN currencies despite weakness in the S&P 500. Capital remains flowing into emerging markets, keeping USD under pressure, could this change? Find out from @ddubrovskyFX here:https://t.co/nwhy3XhE74 https://t.co/5S6AARA0DA
  • Gold prices is consolidating at US$ 1,868 - its 100-Day Simple Moving Average (SMA) line. Will it hold above this key support level? https://t.co/o0BM7ABeka
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.23% Gold: -0.07% Silver: -0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/X6JBrsCCnF
  • While @IG_US Client Sentiment is offering a mixed outlook for the S&P 500 and #Dow Jones, these could be at risk to a turn lower based on multiple bearish technical warning signs. Get your market update from @ddubrovskyFX here:https://t.co/9kYnq6hH1f https://t.co/bLHDVvd44Q
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.15% 🇳🇿NZD: 0.11% 🇨🇦CAD: 0.06% 🇪🇺EUR: -0.01% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/p80ihot5KY
Copper Price Outlook Grim as US-China Trade Talks Hit a Wall

Copper Price Outlook Grim as US-China Trade Talks Hit a Wall

2019-12-02 04:00:00
Ilya Spivak, Head Strategist, APAC
Share:

COPPER PRICE OUTLOOK – Talking Points:

  • Copper prices coiling up for a breakout between key chart barriers
  • US-China trade talks at an impasse over tariffs, Hong Kong turmoil
  • Incoming news-flow might flag ongoing global growth slowdown

Where will markets end 2019? See our Q4 forecasts for currencies, commodities and stock indexes!

Copper prices are coiling up between critical chart barriers, setting the stage for what could be a trend-defining move ahead. Resistance is marked by a downward-sloping barrier capping upside progress since mid-2018. A rising trend line established from early-September lows stands as near-term support.

Breaking higher – with confirmation on a daily close above 2.7610 – opens the door to challenge the 2.8355-8710 chart inflection zone. Alternatively, a breach of support – now at 2.6240 – looks likely to pave the way for a test of the 2.5160-5520 price floor dating back to mid-August of 2018.

Copper Price Outlook Grim as US-China Trade Talks Hit a Wall

Copper price chart created with TradingView

Copper’s recent recovery has tracked an upshift in priced-in 2020 Fed policy outlook. This suggests that hopes for a breakthrough in US-China trade talks and ebbing worries about a “no-deal” Brexit appear to have been the key catalysts at work. Similar moves have appeared in Asia-Pacific and European stocks.

COPPER AT RISK ON US-CHINA TRADE DEAL IMPASSE, GROWTH SLOWDOWN FEARS

That sets the stage for volatility as Beijing and Washington DC struggle to make progress. News-flow over the weekend pointed to a deepening impasse over rolling back tariffs, which China wants in any “phase 1” deal but the US opposes, and the latter’s support for Hong Kong’s pro-democracy protesters.

Against this backdrop, a steady stream of economic data releases – particularly out of the US – may remind investors that the global economy continues to slow. Indeed, the JPMorgan Composite PMI gauge of worldwide manufacturing- and service-sector growth is hitting multi-year lows.

Copper Price Outlook Grim as US-China Trade Talks Hit a Wall

Ominous rhetoric in testimony from ECB President Christine Lagarde at the EU Parliament and policy announcements from the RBA and the BOC may sour the mood further All this bodes ill for cycle-sensitive copper prices, hinting that the looming chart break might favor the downside.

COPPER TRADING RESOURCES

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter

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

DISCLOSURES