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What Movement Can We Expect in Copper for Next Week?
Friday, 03 April 2015 17:23

What Movement Can We Expect in Copper for Next Week?

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Copper remained volatile in this week mainly due to disappointing news from China.

In the beginning of week the metal gained on the news of increased aggregate financing by Central Bank of China. But pull back of funds by Central Bank from the market erased earlier gains. Then after negative outcomes of Flash Manufacturing PMIs from China, Germany and France triggered sell off in the market. The metal prices further dropped on Thursday.

Now what events can support or pull down Copper prices in next week. On Monday German IFO Business Climate will be released. We are expecting it to come negative as leading indicators weakened in this month it may spread bearish sentiment for copper.

U.S. CB Consumer Confidence may also soften on below expected economic results. Durable goods orders may also fall on slowing vehicle sales. For January, Vehicle sales fell to 15.2m from 15.4m in December, another negative sign for copper.

Japan Manufacturing and Industrial Production are expected to improve. Copper cable export from Japan was observed high in this month. Further improvement in these two indicators could provide little support to copper.

At the end of week and beginning of March China Federation of Logistics and Purchasing will release Manufacturing PMI. Contraction in PMI may slump copper prices in the beginning of March.

Overall we may see downward trend in copper for next week unless global economic indicators show surprising results.

 

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