Apprehension among market participants on Thursday kept copper futures at bay as the industrial metal edged up in value as investors' focus sharpened on Sunday elections in debt-riddled Greece, Reuters reports.
Yields on Spanish bonds gained after a debt auction, underscoring the tenuous nature of the euro zone. But German Chancellor Angela Merkel turned down suggestions that the host of the euro zone's healthiest economy assist by underwriting regional debt.
"The German Chancellor is playing a dangerous game in our view, forcing the markets into a corner without offering them a way out," analyst Ed Meier with INTL FCStone told Reuters. "In fact, we think that many of the proposals she is now rejecting will ultimately have to be put back into the mix if the euro is to survive. It should be an interesting few weeks ahead, with metals trading on anything but fundamentals."
At 3:42 p.m. on Thursday, copper futures gained 0.54 percent, a 0.018 cent gain to $3.3575 per pound.
Syriza party head Alexis Tsipras has vowed to scrap austerity measures to which Greece has adhered should Greek voters empower him, Bloomberg reports. Bailout funding is conditional on those measures.
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.