Home Forex News Copper Consolidates Just Under Recent Highs

Copper Consolidates Just Under Recent Highs


Copper consolidated after recent rally to nearly two and half year highs. The metal trades at $3.06 per pound, down 0.30% on the day.China’s exports rose in August mainly on continued base effects, while imports dropped from last year, data from the General Administration of Customs showed Monday. Chinese exports jumped 9.5% on a yearly basis in August while imports were down 2.1%, extending the slide of 1.4% in July. As a result, the trade surplus totaled $58.9 billion compared to July’s $62.3 billion.

Eurozone investor confidence rose to the highest since February as the economy continued to recover from the coronavirus induced slump, survey data from Sentix showed Monday. The investor confidence index rose to -8.0 in September from -13.4 in August. This was the fifth successive increase and helped the index reach its highest level since February. German industrial production grew 1.2% on month, data from Destatis revealed Monday. On a yearly basis, industrial output fell 10%, following June’s 11.4% decrease.

UK house prices increased at the fastest pace since late 2016 driven by the pent-up demand and stamp duty reduction, data from the Lloyds Bank subsidiary Halifax and IHS Markit showed. House prices increased 5.2% on a yearly basis in three months to August, which was the strongest since late 2016. Japan’s leading index, which measures the future economic activity, rose to 86.9 in July from 83.8 in June, preliminary data from the Cabinet Office showed. The latest reading was the highest since February, when it was 91.2. The coincident index increased to 76.2 in July from 74.4 in the previous month. This was the highest since April.

Shanghai base metals, except for zinc and nickel, opened on a positive note on Tuesday morning, holding onto overnight gains, while the LME complex traded lower for the most part, as investors monitor further tensions between the US and China. China’s exports rose for the third consecutive month in August, eclipsing an extended fall in imports, as more of its trading partners relaxed coronavirus lockdowns in a further boost to the recovery in the world’s second-biggest economy


Time                                      :           08/09/2020

Pivot                                      :           3.0381

Technical View                     :             LONG ABOVE 3.0519

Target                                   :            3.0657, 3.0899, 3.1151

Technical View                     :             SHORT BELOW 3.0252

Target                                   :            3.0124, 2.9883, 2.9631


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