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Thursday, May 19, 2011, 1:07 PM Bonnie Liu from Macquarie estimates 25% of China's Q1 copper imports were due to a scheme firms are using to obtain cheap credit, rather than true end demand. Part of the plan relies on high Shanghai copper prices - if they continue to fall, there will be a lot of folks long the metal needing to get out. 2 Comments [Commodities, Global & FX]
Tuesday, May 17, 2011, 8:07 AM The drop in confidence about base metals prices is reflected in the sharp decline in non-commercial net long positions in copper at the COMEX. A rise in Chinese output may cause worries about a glut, but more troublesome to bulls is the metal's use as a financing conduit. Comment! [Commodities]
Monday, May 16, 2011, 9:54 AM Copper miners get a boost from a Goldman Sachs report saying the recent drop in copper prices represents a buying opportunity. Goldman believes a drawdown in copper inventories to "critically low levels" is coming in 2012. FCX +1.1%, CU +0.8%. 2 Comments [Commodities, Quick Ideas]
Monday, May 16, 2011, 8:54 AM The PBOC has apparently put the screws to a scheme where firms purchased copper to use as collateral for below-market financing. This may explain the downturn in demand (and price) for copper. Michael Pettis says companies are already busy figuring the next way to "innovate" around credit growth tightening measures. Comment! [Commodities, Global & FX]
Friday, May 13, 2011, 8:16 AM Only 24 hours ago threatening to take out lows going back to November, copper continues a sharp reversal, back over $4.0/lb. Copper traded in Shanghai is in backwardation, indicating at least near term supply tightening. Could Freeport-McMoRan (FCX) bounce hard off the $48 level again? 1 Comment [Commodities, Quick Ideas, On the Move]
Wednesday, May 11, 2011, 7:48 AM Not participating in the moderate recovery in commodity prices is copper, whose fall today puts the metal near last week's lows. Still-perky Chinese inflation is leading to fears of more monetary tightening, even as signs emerge that growth is slowing. 1 Comment [Commodities, Global & FX]
Thursday, May 5, 2011, 4:17 PM Not as splashy as the move in some other commodities, but Dr. Copper has "fallen through support," as the technicians like to say. Unable to get out of its own way for a couple of months, the sometime economic bellwether closed below $4/lb. for the first time since December. Next stop $3.60? JJC -3.7%, FCX -2.5%. 1 Comment [Commodities]
Monday, May 2, 2011, 10:42 AM Aiming to make up for decades of underinvestment, Chile plans to pour billions into state-owned Codelco's giant Chuquicamata copper mine to crank production higher. Fund manager Walter Hellwig isn't buying it. "(Codelco) exists to provide cash flow to the government... all too frequently, that is at the expense of the business." Comment! [Commodities, Global & FX]
Sunday, May 1, 2011, 8:08 PM "These record-high levels are probably not sustainable," says Jan du Plessis, CEO of Rio Tinto (RIO), talking about base metals prices. While remaining confident of continuing strong demand from China and India, du Plessis, is prepping his firm's balance sheet for falls in copper and iron ore. 1 Comment [Global & FX, Commodities]
Tuesday, April 26, 2011, 1:02 PM Barrick's (ABX -3.1%) bid for Equinox could be a signal the company thinks gold prices are too high and wants to diversify from the metal, says John Licata. Jonathan Barratt disagrees, seeing the move as a bullish bet on copper, rather than a turn from gold. Comment! [Commodities]
Monday, April 11, 2011, 12:27 PM After a 25% gain in less than 5 months, Goldman closes one of its top trade ideas - a long basket of crude, copper, cotton/beans, and platinum. While believing the trade has additional upside potential, the risk/reward is not nearly as enticing. A few relevant ETFs: USO, JJC, BAL, PTM. 1 Comment [Global & FX]
Wednesday, April 6, 2011, 3:50 PM Feeling their oats given strong copper prices, powerful demand, and high stock valuations, Freeport-McMoRan (FCX) and Xstrata (XSRAF.PK) are on the lookout for acquisitions. While FCX is only interested in a large deal, Xstrata is focused on smaller, developing situations. Comment! [Global & FX]
Wednesday, February 9, 2011, 10:10 AM Any teetering in the price of copper miners due to higher rates in China may be a buying opportunity, according to Daniel Moser. As long as the yuan peg remains, U.S. monetary policy (easy) becomes China's, plus supply constraints aren't going away. COPX -1.0%. FCX -1.2%. SCCO -0.9%. Comment! [Global & FX]
Friday, February 4, 2011, 12:36 PM Heavily dependent on copper, Chile would seem blessed by record prices, however those same prices are putting upward pressure on the peso, hurting exporters across a wide range of industries. The Chile ETF (ECH) is off 16.3% YTD. 1 Comment [Global & FX]
Thursday, February 3, 2011, 8:10 AM After climbing 30% in 2010, copper continues its ascent, reaching a record $10,000 per metric ton as investors bet the global recovery will lead to increased demand for industrial metals. Copper supplies this year could fall short of demand by 822K tons, more than double last year's deficit. 1 Comment [Global & FX]
Thursday, January 27, 2011, 2:31 PM An analyst from Canada's Brockhouse Copper notes that the typically tight relationship between the price of copper on the LME and in Shanghai has broken down. The last 2 times this divergence occurred marked significant tops in the metal's price. JJC +1.1%. FCX -2.8%. Comment! [Global & FX]

CU First Trust ISE Global Copper Index ETF

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First Trust ISE Global Copper Index ETF