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Home / Futures Blog / Copper futures slip as shutdown imparts bleak prospects

Copper futures slip as shutdown imparts bleak prospects

October 3, 2013 by Daniels Trading

Surging preoccupations about stunted economic growth in the globe's second-largest consumer pulled down copper futures on Thursday as the partial government shutdown in the U.S. reached its third day, according to Bloomberg.

U.S. President Barack Obama and congressional leaders conducted talks on Wednesday but they were unproductive as far as cutting through the budget impasse. The reddish metal is sensitive to worldwide and domestic economic and financial developments due to its widespread use in construction, manufacturing and industry.

"Fears for an effective U.S. government shutdown weigh on global risk sentiment, triggering small-scale profit-taking," states a Thursday email authored by analyst Andrey Kryuchenkov with VTB Capital in London, according to the news source. Base metals "are likely to remain range-bound," the analyst told the news source.

At 9:32 a.m. on Thursday, copper futures fell 0.93 percent, a 0.031-cent loss to $3.285 per pound.

Reuters reports the reddish metal dropped to its lowest value in about seven days on Wednesday as it tracked the downward dive of the U.S. dollar against the shared currency of the European Union. The greenback was impacted by weak employment data and the euro was spurred higher by the central bank opting to leave borrowing rates unchanged.

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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.

Filed Under: Archived News

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Daniels Trading is an independent futures brokerage firm located in the heart of Chicago’s financial district. Established by renowned commodity trader Andy Daniels in 1995, Daniels Trading is built on a culture of trust committed to the firm’s mission of Independence, Objectivity and Reliability.

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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.

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