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China's Overall TradeTitle:
Copper falls as dollar firms, debt crisis weighs
(Reuters) - Copper fell on Tuesday as the dollar firmed and uncertainty about Europe's ability to resolve its debt crisis outweighed reports that top metals consumer China will fast-track infrastructure investment.
Three-month copper on the London Metal Exchange touched a week-high of $7,816 a metric ton (1.1 ton) in the session, before erasing gains to $7,712 at 5:37 a.m. EDT (0937 GMT), down 0.2 percent from Monday's $7,731 close.
One of the price supports for copper on Tuesday was a report in the state-backed China Securities Journal that Beijing will fast track its approval of infrastructure investments to combat slowing growth and a sluggish property sector. Copper is used extensively in construction.
Premier Wen Jiabao has also called for additional efforts to support growth, ...
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Dukascopy Afternoon Forex Overview : 05/18/2012
Dukascopy Fundamental Analysis
EUR
Moody's reduced credit rating of 16 Span's banks, citing a rise in bad debts in the country's financial sector and overall deterioration of the economic environment. The decision came after shares of Bankia lost another 14%. The largest banks such as Banco Santander and BBVA were downgraded while ten out of 17 banks were put on negative watch, implying that further credit rating cuts are possible.
USD
As the U.S. dollar gets stronger, investors are concerned that aggravating debt crisis in Europe will reduce demand for oil. Therefore, oil shows decline for a third week. Crude oil lost 25 cents yesterday and reached the 6-month low of $92.56. Brent oil for July delivery slid 0.5 percent to finish at $106.99.
GBP
Following a downgrade of 16 Spanish banks, ...
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Copper bounces; eyes third weekly loss
Copper bounced on Friday, helped by investors balancing positions ahead of the weekend's G8 meeting, but was set to decline for a third week on concerns that deepening debt problems in the euro zone could drag on China's economy and erode metals demand.
Three-month copper on the London Metal Exchange traded at $7,744.50 a metric ton (1.1023 tons) in official rings up 1.3 percent from Thursday's close of $7,649 a metric ton.
However the metal, used in power and construction, has dropped by 10 percent since late April, trimming the year's gains to just 2 percent.
"There is the combination of Europe and all that entails, and concerns about the extent of the slowdown in China weighing on prices," BNP Paribas metals strategist Stephen Briggs said
"But our view is that China is going to ...
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Copper steadies; Spain threatened by Greece's troubles
Copper prices steadied on Thursday after sliding for four straight days and touching four-month lows, but traders remained wary about the metal's prospects amid fears of more fallout from Europe should Greece exit the euro.
For the first time since Friday, copper futures in London and New York inched toward positive territory as support returned to commodities deemed oversold in the risk flight of the past week.
Still, worries about how Europe -- particularly Spain -- would manage Greece's exit from the euro hung heavily on markets, including copper.
A bond sale by Spain came at a markedly higher cost for the government than before, signaling investors' growing concern about the possibility of a contagion impact should Athens default on its own sovereign debt.
"Copper's still seeing ...
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Copper rebounds from 4-month lows, Greek worries cap gains
Copper steadied on Thursday following hefty losses in the previous session that dragged prices to four-month lows, but gains were fragile as worries about the deepening political crisis in Greece kept investors cautious.
The metal used in power and construction snapped four sessions of falls but worries surrounding the euro zone debt crisis, a slowdown in top consumer China and the delicate state of the U.S. economy prevented further gains.
Three-month copper on the London Metal Exchange (LME) traded at $7,665 in official rings, up 0.13 percent from a close of $7,655 on Wednesday.
Investors remained cautious about the risk that Greece could leave the euro zone as prolonged electoral uncertainty has put its economy into a state of deep freeze, meaning whoever finally emerges as the new ...
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Brent falls below $112 on weak China data
(Reuters) - Brent crude futures dropped more than $1 a barrel on Friday as weak industrial production data in China reinforced concerns about the global economy as worries about the euro zone intensify due to the political turmoil in debt-laden Greece.
China's industrial production in April grew at its slowest pace in nearly three years, which along with poor trade numbers on Thursday, suggest the world's No. 2 economy continues to slow down after a weak first-quarter performance.
That made investors, who were already edgy with Greece struggling to form a coalition government that is crucial to a bailout-funded recovery, shun risky assets.
"Sentiment is very weak because of the overall economic situation. There is uncertainty over Greece, uncertainty over France," said Ken Hasegawa, a ...
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EUR/GBP Testing 80.00 Barrier, As BoE Stops Printing Press
Sunrise Market Commentary
- Fixed Income: Largely uneventful session for core bonds
- Core bonds had an insignificant, technical and sentiment-driven session that left bond yields slightly higher in the close. Overnight, negative headline news on JP Morgan and Greece triggered a moderately strong opening of the Bund. Europe will be in the focus today with the publication of the Spanish banking plan and the EU spring forecasts.
- Currencies: EUR/GBP testing 80.00 barrier, as BoE stops printing press
- On Thursday, sentiment on risk turned slightly less negative, even without progress in the Greek debt/election crisis. Nevertheless, the decline in EUR/USD slowed. EUR/GBP reached a minor low just below 0.8000 as the BoE halted its program of asset purchases. For now, we see no ...
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Copper off 3-week lows; euro zone woes cap gains
(Reuters) - Copper futures rose on Thursday off the previous session's three-week lows as some Chinese investors took advantage of the dip in prices to cover short positions and restock.
Gains, however, were capped by surprisingly weak import and export growth in China, which raised some doubts about growth prospects for the world's second-biggest economy, as well as the political and financial woes in the euro zone.
Investors were also cautions ahead of the release of some official Chinese figures for April, including the consumer price index, industrial output and retail sales.
Three-month copper on the London Metal Exchange rose 0.8 percent to $8,117.50 a metric ton (1.1023 tons) by 0704 GMT, after closing 0.5 percent lower in the previous session.
The most-active August copper ...
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Euro Extends Its Trip South As Speculation On Greek Exit Is Growing
Sunrise Market Commentary
- Fixed Income: Core bonds higher at first, but gave back gains in US session
- Fears about Greece and Spain continued to boost core bonds, but a rumours, later confirmed, that the EFSF would today disburse a tranche of the Greek bail-out loan triggered some correction and erased part of the German bond gains and almost all of the US ones. Today, the BoE decision on QE may affect overall bond markets.
- Currencies: euro extends its trip South as speculation on Greek exit is growing
- On Wednesday, trading on global markets was still dominated by negative headlines on Europe. This weighed on the euro. After all, the decline of EUR/USD developed in an orderly way even as several EMU policymakers pondered the option of a Greek exit. Today, the BoE holds ...
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