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
Subscribe
Please try again
EUR/USD
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
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
Bearish
Gold
Mixed
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
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
More View more
Real Time News
  • The 10-year Treasury yield is trading around 1.69%, the highest in almost a week, extending gains from Monday's Wall Street trading session during Tuesday Asia-Pacific hours https://t.co/7OhDTLUvlX
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/Kq86zg3h5I
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.93%, while traders in Germany 30 are at opposite extremes with 75.67%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/H9WcwbmSV6
  • RT @FxWestwater: Swiss Franc Technical Outlook: $AUDCHF, $NZDCHF, $EURCHF Chart Setups Link: https://www.dailyfx.com/forex/technical/article/special_report/2021/04/13/Swiss-Franc-Technical-Outlook-AUDCHF-NZDCHF-CHFJPY-Chart-Setups.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/nad0HJ6N…
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.06% 🇨🇦CAD: -0.11% 🇪🇺EUR: -0.17% 🇨🇭CHF: -0.24% 🇦🇺AUD: -0.25% 🇯🇵JPY: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/K654hZ0E0j
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.09% Wall Street: 0.03% France 40: 0.02% FTSE 100: -0.03% US 500: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GctXdBiB4a
  • (Market Alert) Australian Dollar Outlook: US CPI Eyed as Chinese Trade Data Showed Import Surge $AUDUSD #AUD #China https://www.dailyfx.com/forex/market_alert/2021/04/13/Australian-Dollar-Outlook-US-CPI-Eyed-as-Chinese-Trade-Data-Showed-Import-Surge.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/6FrW2zQ98A
  • Despite the chart in US indices this past Friday, risk trends found no traction to start this week. US CPI may generate more friction (forecasted 2.5%) which likely earns a $EURUSD break and perhaps a GBPUSD range swing. https://www.dailyfx.com/forex/video/daily_news_report/2021/04/13/EURUSD-Outlook-Charged-for-Breakout-with-US-CPI-on-Tap.html https://t.co/EUc9uW7ncY
  • Build you crude oil strategy with some basic key insights. Hone your trading skills here: https://t.co/ekflhEeXRX https://t.co/Di8WONhbPh
  • China March exports growth missed expectations: - Export rise 30.6% in USD terms vs, 38.0% estimate - Import rise 38.1% in USD terms vs. 24.4% estimate - Trade balance at $13.8 billion vs. 52.0 billion estimate
ICSG Copper Market Outlook Sees Supply/Demand Reversal in 2015

ICSG Copper Market Outlook Sees Supply/Demand Reversal in 2015

Rob Pasche, Kara Dailey,
ICSG Copper Market Outlook Sees Supply/Demand Reversal in 2015

Talking Points:

  • Copper usage increased 12% in 2014 while mine production increased just 3%
  • Production capacity to increase by 7% through 2017 while demand in China slows to 5% next year
  • Copper currently rests in the middle of a bearish channel below the years average

The International Copper Study Group released their October Bulletin, providing a global view of supply and demand in the base metal’s market. The comprehensive review suggests that 2014 will conclude with refined copper demand exceeding production, while 2015 will find a supply surplus as demand lags production growth. With few suitable substitutes, the supply-side may face considerable obstacles as demand continues to expand.

Copper first became an integral part of national economies 10,000 years ago in western Asia and has remained vital to economic development as new and innovative applications have arisen allowing the metal to be used in mining, refining, recycling and transformational capacities. Despite the average dollars per tonne declining from 7000.55 in August to 6872.23 in September, copper usage has increased 12% during the first 7 months of the year. In contrast world mine production has only increased by 3% with the largest pick-up in refined production (+7%).

The shortfall in supply relative to demand in part comes from declines in production in Indonesia, Zambia and Australia due to export bans, operational failures and temporary mine closures. Threats to supply could persist into 2015 as the cost of powering mines by coal increases, political risks to security and transportation grow and FX risks remain if strong exports drive up domestic costs.

However, despite downside risks annual copper mine production capacity is still expected to expand at an average rate of 7% per year through 2017, with 56% of the growth to come from Peru, Zambia, Chile, Mexico and the Democratic Republic of Congo. From a demand perspective growth in China, which accounts for 40% of global demand, is expected to slow to 5% next year on a cooling real estate market.

With supply growth projected to edge out demand next year copper prices, as forecasted by the Chilean Copper Commission, are expected to average 12 cents per pound lower in 2015 than the current average for 2014 of $ 3.12 per pound.

At present copper is trading below the current year’s average and rests in the middle of a bearish price channel on a Daily chart. To trade with the trend, market participants should wait for price to retrace back toward the top of the price channel before entering the market. If price respects resistance, look for it to move back toward support in the direction of the trend.

Copper Daily Chart

dailyfx copper daily chart.

Chart Created by Rob Pasche Using MarketScope2.0

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

DISCLOSURES