Tuesday, August 11, 2020

"Shanghai copper at 1-month low as U.S. stimulus talks break down"

Following up on August 6's "Speaking of Prices that Appear to Be Stalling: Copper".
That was posted with the U.S. futures at 2.9050. Now they are at 2.8265 after giving us some chair aerobics (heart rate to 85% of max, blood pressure up 40 points on each number, etc):



That 4% drop right after our post was lucky but now we read, via Hellenic Shipping News, August 11:
Shanghai copper prices on Monday fell to their lowest in more than a month, while London copper also declined on considerable uncertainty on whether U.S. policymakers can approve a new package of fiscal support for the virus-hit economy.
The most-traded September copper contract on the Shanghai Futures Exchange dropped to 49,580 yuan ($7,115.28) a tonne, its lowest since July 8.
Three-month copper on the London Metal Exchange fell 0.6% to $6,270.50 a tonne by 0307 GMT, having lost 1.6% last week, the biggest weekly drop since mid-May....
....MORE