Copper Drives Second Thoughts?
| |
Apart from oil and gold, commodity traders are again focusing & #160;in on copper & #160;.Prices have already enjoyed a big run this year, more than doubling, as has & #160;oil.There were suggestions a month ago that copper might start running out of support with expectations of a downturn from Chinese buyers.Stocks built around the world and prices eased and then ran out of support, or so it seemed.Import figures for China & #160;last month, released & #160;last week showed a 23% jump in shipments of copper and copper products into the country, a big surprise as the expectation was for a fall.Record first-half imports by China helped prices & #160;double this year.Shipments fell in July and August before rebounding in September.That got some traders wondering if the Chinese has eased off imports in August and let it be known, to drop prices to a more comfortable level and take some of the support out of the market.But despite the impact the import figures had, stocks in Shanghai rose 12% last week, and that has seen the copper market lurch back to wondering just what is going on.As well, stocks monitored by the London Metal Exchange & #160; hit their highest level for five months on Friday, a sign that the fundamentals in the market remain weaker than some traders would believe.Codelco, the world's biggest copper producer, was quoted Friday by Bloomberg as saying that it expects copper output will exceed consumption this year because demand is & quot;not that strong & quot;.Comex December copper eased 1.35 US cents Friday to end at & #160; & #36;US2.8455 a pound.That left prices up just 0.3% for the week when oil surged 9%-10%.According to Citigroup analysts demand for copper & #160;may fall & #160;because rebuilding of inventories by manufacturers will end.That's why they see demand growing by around 5% next year, despite stronger growth bin most economies.Another factor last week was a lengthening strike at BHP Billiton's & #160;Spence copper mine & #160;in Chile. Production is & #160;continuing at a & quot;slower rate & quot; because of the strike, but hasn't been stopped, the company reported late last week.In London three months copper fell & #36;US59 to & #36;US6,230 a tonne (or & #36;US2.83 a pound) on the LME.Aluminum, nickel and lead also fell in London. Tin and zinc prices rose.
|
|
|
Sydney
[ Change ]
Today
 Possible shower.
Tomorrow
 Min: 12° Max: 19° Shower or two.
Account
Login
To access your account and listings
| |
|
|
| |
|
|
| |
|
|
| |
Daniel Kertcher established Platinum Pursuits in 2001 as a vehicle in which to share his knowledge of strategies to use the financial markets to grow wealth, with the aim of achieving financial freedom by making your money work for you.
His argument is that until you become financially literate and develop a method where you're able to get a reasonable return on your capital (i.e. making your money work for you), you will instead be forever working hard for your money.
Daniel Kertcher personally achieved financial freedom at a relatively young age, through his knowledge of property and then financial markets investing. Through using Options and leveraged instruments such as CFDs, Daniel developed a system to trade the markets where he could benefit from the leverage when the trade went in the direction he predicted, and hedged his positions so that there was a limited downside risk.
Some people in the past have criticised Daniel's message of striving for financial freedom in a high-risk environment such as trading derivatives. However, it is not Daniel's or Platinum Pursuits' goal to encourage everyone to trade the financial markets. Every kind of investing contains an element of risk, so this level of education is aimed specifically for those who want an understanding of professional trading techniques and strategies that they hope to apply to their own capital, and it is absolutely true that many people are not yet in a position to invest a chunk of their savings.
To be truly financially literate, it can pay to explore all the options available when you are in a position to try to get ahead in life. Daniel currently presents free introductory seminars nationally on selected dates from February to November. |
| |
| | |
Find Hunter Valley accommodation online
|
