News about a decreased amount of industrial orders in the autumn from the euro zone helped push down copper futures for a second consecutive day on Thursday, according to Bloomberg.
Though the European Union's statistics office stated orders increased 1.8 percent in October as compared with the month prior, economists had forecast the increase to be 2.5 percent, according to the news service. Stockpiles of copper under the purview of the London Metals Exchange dropped 0.2 percent to 368,400 tons, according to daily exchange figures.
"Copper has been selling since London opened on euro-zone concerns again," states an email to Bloomberg from trader Robert Montefusco with Sucden Financial in London, which also notes the industrial metal gained in value earlier on Thursday following buyers in China capitalizing on the chasm between prices on the LME and the Shanghai Futures Exchange.
At 9:45 a.m. on Thursday, copper futures dropped 1.3 percent, a 4.45 cent slip to $3.39 per pound.
Agence France-Presse reports Codelco, the state mining firm of Chile, is set to buy 49 percent of a copper mining venture. Chile is the globe's top supplier of the industrial metal.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
