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Monday, April 15, 4:49 AM China's GDP miss and disappointing industrial production data are sending global equity markets lower, as well as copper and oil, which is also suffering from the IEA slightly cutting its demand outlook last week. Japan -1.6%, Hong Kong -1.4%, China -1.1%, India +0.6%. EU Stoxx 50 -0.2%, London -1%, Paris -0.8%, Frankfurt -0.8%, Milan -0.2%, Madrid -0.4%. Oil -2.4%, copper -1.5%. 1 Comment [Global & FX, Top Stories, On the Move, Energy]
Wednesday, July 18, 2012, 5:53 PM Analysts are slashing predictions of a copper glut as producers from Chile to Indonesia contend with aging mines and strikes at a time of record demand. The global surplus will total 18.5K metric tons, according to a Bloomberg survey, 85% less than a January forecast of 124K tons; the survey also says prices will rally as much as 14% to $8,700/ton by year's end. 2 Comments [Commodities]
Friday, June 8, 2012, 5:54 PM Copper closed the week at a six-month low, as traders shed their initial positive reaction to China's rate cut to focus on the move as a sign of weak Chinese economic growth. Barclays says any boost in demand from Beijing’s pro-growth measures might not be felt until Q4, and the “magnitude of support... is not seen as being anywhere near the same scale as the stimulus of 2008-09." Comment! [Commodities, Global & FX]
Wednesday, May 30, 2012, 7:38 AM Short-covering of copper by Chinese firms may actually be driving the world price lower as the country's largest producer is exporting the metal to LME warehouses to cover its shorts. The move makes sense as the sluggish economy has dragged the price of copper lower in China than at the LME. Comment! [Global & FX, Commodities]
Friday, May 25, 2012, 3:50 PM U.S. Commodity Funds is cutting the management fee on its Copper Index Fund (CPER) by 31.5% to better compete against iPath's Pure Beta Copper ETN (CUPM). Both funds are tiny - less than $3M in assets (JJC is the gorilla in the sector) - but CPER is an ETF as opposed to the ETN structure of the other offerings. Comment! [Commodities]
Monday, May 14, 2012, 3:43 AM After commodities hit nearly two-year lows last week, investors are wondering whether the decade-long rally is over. Various headwinds prevail, including a slowdown in China, a U.S. economy that has yet to regain its momentum, and temporary supply gluts for some raw materials. 4 Comments [Commodities]
Thursday, May 3, 2012, 4:50 PM With LME copper stocks at their lowest level since 2008 and China bursting with the stuff amidst lower domestic demand, the country is set to export large amounts of the metal over the coming months. Analysts believe there are 500-600K tons of the copper in Shanghai warehouses being used as loan collateral (total 2012 mine supply will be 240K tons). 2 Comments [Commodities, Global & FX]
Monday, April 23, 2012, 4:33 PM Weakening manufacturing in China and the eurozone spelled lower prices for copper, as the industrial metal fell 2% to settle at $3.626/pound for its lowest ending price since Jan. 11. Add diminished expectations for imminent QE from the Fed, and prices could continue to fall from here, TD Securities’ Bart Melek says. Comment! [Commodities, Global & FX]
Thursday, April 19, 2012, 8:30 AM More on Freeport McMoRan (FCX): This can be a tough business sometimes as costs don't pay attention to the price of the metal being mined: Q1 cash costs $1.26/lb. vs.$0.79 a year ago, costs for 2012 expected to be $1.43. Earnings off 49% Y/Y. Shares +1% premarket. (PR) Comment! [Commodities, Global & FX, Earnings]
Sunday, April 15, 2012, 9:22 PM Struggling to lift output even with near-record prices, Chile's Codelco - the world's top copper producer (accounts for 1/3 of global supply) - was forced to buy the metal from outside sources to meet delivery contracts earlier this year. The purchases were small when measured against Codelco's total production, but imagine Saudi Arabia needing to buy crude to meet its deliveries. 6 Comments [Global & FX, Commodities]
Friday, April 13, 2012, 8:51 AM JPMorgan files to list a copper-backed ETF. Copper-backed securities listed in late 2010 were thought the contribute to the metal's record-breaking run in early 2011 as the funds ate up supply in an already tight market. 2 Comments [Commodities]
Thursday, April 12, 2012, 2:49 PM It's a good day to own commodity stocks. Alcoa's (AA +2.5%) strong Q1 and China optimism is not only lifting aluminum names, but also makers of steel (SLX +4.7%), copper (CU +4.1%), silver (SLVP +2.7%), and gold (PSAU +3.8%), among other things. 2 Comments [Commodities, On the Move]
Tuesday, February 14, 2012, 6:24 AM BHP (BHP) and Rio Tinto (RIO) are to invest a combined $4.5B to expand the Escondida mine in Chile, the world's largest copper mine, as they look to boost output to meet the growing demands from China and other emerging nations. BHP also plans to reopen its idled Pinto Valley mine in Arizona. (Rio PR, BHP PR .pdf) Comment! [Commodities, Top Stories]
Monday, February 13, 2012, 1:39 PM China's imports of copper - far in excess of anticipated need - suggests to Gordon Chang that Beijing is attempting to dress up its trade numbers. Even as exports fall off, China's trade surplus is growing as imports dive even faster, giving the U.S. the nod to pressure on trade issues. Later this year, look for China to stop buying copper and the price to dive. 1 Comment [Global & FX, Commodities]
Wednesday, January 11, 2012, 5:31 AM A large build-up of short positions by money managers has made copper more vulnerable to price spikes than other metals. Money managers have bet on falling copper prices for 16 consecutive weeks, forecasting sluggish demand on the back of the eurozone's crisis and uncertainty about China's growth. Copper +1% to $3.5494. Comment! [Commodities]
Friday, December 16, 2011, 9:37 AM "Two mega developments will impact world copper consumption: the level of global business activity and substitution," writes Simon Hunt, a veteran watcher of the market. With neither factor boding well for the metal, he says, all that's propping prices is copper's financialization. This too will end; "copper prices will fall sharply, and that is almost a given." 13 Comments [Global & FX, Commodities, Quick Ideas]

CPER United States Copper Index ETF

CPER

United States Copper Index ETF