{"id":5806,"date":"2011-07-01T06:21:03","date_gmt":"2011-07-01T10:21:03","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=5806"},"modified":"2011-07-01T06:30:30","modified_gmt":"2011-07-01T10:30:30","slug":"copper-prices-hold-firm","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/07\/01\/copper-prices-hold-firm\/","title":{"rendered":"Copper Prices Hold Firm"},"content":{"rendered":"

In mid-May, I warily eyed copper as it looked ready to lead the correction in commodity prices into a complete breakdown (see “Silver Fails Resistance; All Eyes on Copper’s Support<\/a>“). However, over the past six weeks, copper prices have held firm by clinging to the 200-day moving average (DMA) line of support.<\/p>\n


\n
\"Copper<\/a>
Copper prices hold firm<\/figcaption><\/figure>
\nSource: Stockcharts.com<\/a><\/strong>
\n<\/center>
\n<\/p>\n

This week in particular could prove significant as copper prices have rebounded strongly off BOTH the 50 and 200DMA support levels.<\/p>\n

Supporting the prospects for future prices are two recent articles noting strong copper demand and declining supplies. In “Copper Supply Squeeze Coming, Prices to Jump: Analyst<\/a>“, CNBC quotes Gavin Wendt, Senior Resources Analyst at MineLife (July 1, 2011):<\/p>\n

“If we take a look at the Escondida mine in Chile, which is owned by BHP and Rio Tinto, they’re forecasting that production this year will decline by 10 percent as a result of declining grades…All of the world’s major mines are suffering this same problem.\u201d<\/p><\/blockquote>\n

In “Copper Sector Set to Shine on Growing Demand<\/a>“, TheStreet.com provides additional, critical data points:<\/p>\n

“Goldman Sachs estimates a 4.7% growth in global copper demand but only a 2.1% growth in global copper production for 2011…<\/p>\n

…A June research report from Macquarie estimates that China’s copper demand will grow at a clip of 6% and that the copper market is set to strengthen in the next two to three months…<\/p>\n

…Copper inventories on the Shanghai Futures Exchange have dwindled more than 40% since mid-March and are nearing a two-year low”<\/p><\/blockquote>\n

An enduring supply shortage could send copper prices hurtling upward very rapidly, especially if fears recede over a potential slowdown in the global economy. Such conditions could launch another strong rally in copper prices.<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long FCX<\/p>\n","protected":false},"excerpt":{"rendered":"

In mid-May, I warily eyed copper as it looked ready to lead the correction in commodity prices into a complete breakdown (see “Silver Fails Resistance; All Eyes on Copper’s Support“). However, over the past six weeks, copper prices have held firm by clinging to the 200-day moving average (DMA) line of support. Source: Stockcharts.com This … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,199],"tags":[202,493,494],"class_list":["post-5806","post","type-post","status-publish","format-standard","hentry","category-china","category-commodities","tag-copper","tag-fcx","tag-freeport-mcmoran"],"yoast_head":"\nCopper Prices Hold Firm - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2011\/07\/01\/copper-prices-hold-firm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Copper Prices Hold Firm - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"In mid-May, I warily eyed copper as it looked ready to lead the correction in commodity prices into a complete breakdown (see “Silver Fails Resistance; All Eyes on Copper’s Support“). 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