Copper Prices Inched Upwards As Copper Output Slumped

Copper trading range for the day is 444.6-451.8.

Copper prices inched upwards as Copper output slumped at Chile's state miner Codelco and BHP's sprawling Escondida mine in November.

Copper stocks in London Metal Exchange-monitored warehouses have slumped by 57.5% since late August, and are currently at 142,900 tonnes.

A Chinese trade delegation is planning to travel to Washington on Jan. 13 for the signing of the U.S.-China Phase 1 trade deal between the two countries.

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Copper Trading Range For The Day Is 438.7-445.5

Copper trading range for the day is 438.7-445.5.

Copper dropped as Chinese top copper smelters failed to reach an agreement for production cuts as expected.

But the decline was capped as promising US industrial data and US-China trade hopes removed some worries about the global economy’s health.

Chinese Vice Premier Liu He will visit Washington this week to sign a Phase 1 trade deal with the United States

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Copper Jan Daily Chart Has Formed "Megaphone Chart" Pattern

Copper Jan daily chart has formed "Megaphone chart" pattern. The last few sessions been in sideways trend along with some corrections inside the channel.

The market is expected to continue on bullish momentum based on the current price action, testing all the way through 450 level in the upcoming sessions.

Alternatively, if the market breaks below a key support holding at 444 then it might turn bearish once again. The downside rally could test up to 440 level. Key resistance holds at 450.

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Copper Trading Range For The Day Is 441.4-448.2

Copper trading range for the day is 441.4-448.2.

Copper settled down despite of progress on a U.S.-China trade deal and improved economic data lifted some clouds from the demand outlook.

China will lower tariffs on some products next year as Beijing looks to boost imports and economic growth.

China imported 101,835 mt of copper scrap in November, down 58% from a year ago, according to data from China customs.

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Copper Trading Range For The Day Is 441.4-445.6

Copper trading range for the day is 441.4-445.6.

Copper prices rose after Washington said an initial deal to resolve the Sino-U.S. trade war was "totally done" but lingering scepticism capped gains.

Chile's Codelco, expects prices to average about $2.6 to $2.8 per pound over the medium-term.

The discount of cash LME copper over the three-month contract stood at $24.25 a tonne, implying weak near-term demand.

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Copper Dec Daily Chart Has Formed "Falling Channel" Pattern

Copper Dec daily chart has formed "Falling channel" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. 

The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 443. 

The upside rally could be testing all the way through 447-450 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 434 level. Key support holds at 434.

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Copper Prices Dipped Amid Scepticism Over The Chances For A Near Term Preliminary

Copper trading range for the day is 428.3-433.5.

Copper prices dipped amid scepticism over the chances for a near-term preliminary trade deal between Washington and Beijing

China has issued a seventh batch of import quotas for scrap metal, including 17 quotas for a total of 7,970 tonnes of high-grade copper scrap.

Some cities in Hebei province are required to implement level II anti-smog measures for three days as unfavourable weather may raise the risks of smog from December 7.

Warehouse stock for Copper at LME was at 193800mt that is down by -4625mt.

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Copper Dec Daily Chart Has Formed "Rectangle chart" Pattern

Copper Dec daily chart has formed "Rectangle chart" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. 

The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 434. 

The downside rally could be testing all the way through 430-426 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 440 level. Key resistance holds at 440.

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Copper Settled Flat After Comments By The Chinese President Raised Hopes

Copper trading range for the day is 434-438.4.

Copper settled flat after comments by the Chinese president raised hopes that a trade deal would be struck with the United States.

Copper stocks across Shanghai bonded areas extended their increase, rising 5,800 mt from a week ago to 243,800 mt as of November 22.

LME copper inventories fell to 218,925 tonnes, the lowest since June 10, data showed.

Warehouse stock for Copper at LME was at 218925mt that is down by -3150mt.

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Copper Prices Settled With Some Gain's As Market Sentiment Improved

Copper trading range for the day is 434.5-439.9.

Copper prices settled with some gain's as market sentiment improved after the US granted Huawei a new 90-day license extension

China’s central bank said that it was lowering the seven-day reverse repurchase rate to 2.50% from 2.55%, the first such cut in more than four years.

Speculative positioning in LME copper remain largely neutral at last Thursday's close, at 1.1% of open interest falling from 12.7% on Oct. 7.

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Copper Dropped After Trump Said That Trade Talks With China

Copper trading range for the day is 438.4-441.4.

Copper dropped after Trump said that trade talks with China were moving along "very nicely", though uncertainty remained whether a deal would be signed this year

Concerns of a drop in copper demand also weighed on prices, after China reported weak imports of the metal.

China's copper imports fell 3.1% in October from the previous month, customs data showed.

Warehouse stock for Copper at LME was at 229350mt that is down by -4850mt.

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Copper Prices Gained On The Back Of US-China Trade Hope And Upbeat Data

Copper trading range for the day is 437.2-444.2.

Copper prices gained on the back of US-China trade hope and upbeat data from the US job market and China’s manufacturing sector.

Copper stocks across Shanghai bonded areas this week continued their decline that began since May.

Concerns about US trade conflicts with China and others remain a factor but have receded, according to the ISM’s monthly survey.

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Copper Remained Under Pressure On Profit Booking As The Market Refocused

Copper trading range for the day is 440.8-445.2.

Copper remained under pressure on profit booking as the market refocused on fundamentals after bullish sentiment about US-China trade and Brexit eased.

China's factory gate prices declined at their fastest pace in more than three years in September.

Chile's Codelco, the world's largest copper producer, said it is evaluating the closure of its Ventanas copper smelter in a polluted coastal region.

Warehouse stock for Copper at LME was at 274975mt that is down by -2375mt.

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Copper Trading Range For The Day Is 450.1-465.3

Copper trading range for the day is 450.1-465.3.

Copper prices gained as investors hoped an easing of trade tensions between the United States and China might eventually boost metals demand.

Indonesia’s energy ministry has approved a new recommendation for a unit of Freeport McMoran Inc to raise copper concentrate exports to 700,000 tonnes until March 2020.

The new recommendation is much higher than the initial approval for shipments of 198,282 tonnes of copper concentrates.

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Copper Prices Gained As Some Buying Witnessed After Prices Dropped On Expectations

Copper trading range for the day is 449-457.2.

Copper prices gained as some buying witnessed after prices dropped on expectations of weak demand in top consumer China

China's central bank cut banks' reserve requirements for a seventh time since early 2018 to free up more funds for lending.

The world’s 20 major copper miners produced a total of 6.55 million mt of copper in the first half of this year, down 1.2%.

Warehouse stock for Copper at LME was at 310450mt that is up by 100mt.

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Copper Prices Gained Helped By A Weaker Dollar And Rising Global Stock Markets

Copper trading range for the day is 438.4-455.4.

Copper prices gained helped by a weaker dollar and rising global stock markets.

LME copper cancelled warrants, which often indicates physical demand, surged to their highest since September 2018 at 117,900 tonnes.

Yangshan copper premiums, paid on top of LME copper prices to import metal into China, were at $77 a tonne, their highest since November 2018.

Warehouse stock for Copper at LME was at 323550mt that is down by -6500mt.

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Copper Prices Dropped As The Demand Outlook Remained Clouded

Copper trading range for the day is 441.9-449.5.

Copper prices dropped as the demand outlook remained clouded by the U.S.-China trade dispute.

China and the United States are discussing face-to-face trade talks that were scheduled to be held in the United States in September.

China copper output will grow less than previously expected this year, citing the slowerthan-expected ramp-up of new capacity and unexpected disruptions at some smelters.

Warehouse stock for Copper at LME was at 336575mt that is up by 1875mt.

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Copper Trading Range For The Day Is 441.4-449.4

Copper trading range for the day is 441.4-449.4.

Copper prices dropped after the U.S. Federal Reserve signalled that it was not on a preset path to more monetary policy easing and expectations of softer demand growth.

Minutes of Fed’s last month meeting showed policymakers were deeply divided over whether to cut interest rates.

Copper demand growth in China will only post a modest recovery from current levels, as the autos and consumer.

Warehouse stock for Copper at LME was at 328250mt that is down by -1325mt.

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Copper Gained As China Announced New Measures To Support Its Economy Amid

Copper trading range for the day is 443.3-454.7.

Copper gained as China announced new measures to support its economy amid a damaging trade war with the United States, potentially improving demand.

China’s central bank over the weekend unveiled a key interest rate reform in a bid to help steer borrowing costs lower for companies.

Copper inventories in LME-registered warehouses have jumped by 22% in three days to 331,975 tonnes, while stocks in warehouses tracked by SHFE rose 4.1%.

Warehouse stock for Copper at LME was at 330125mt that is down by -1850mt.

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Copper Prices Dropped As Pressure Seen After Factory Gate Prices In China

Copper trading range for the day is 442.8-447.8.

Copper prices dropped as pressure seen after factory gate prices in China shrank for the first time in three years in July.

Anti-mining protests in Peru have held up about $400 million in copper exports from some of the country's top mines and blocked supplies.

China's imports of unwrought copper and copper products in July climbed to the highest since February and stood at 420,000 mt.

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