Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Commodities  >  Platinum       

PLATINUM
Mes dernières consult.
Most popular
End-of-day quote. End-of-day quote  - 11/17
947.91 USD   +1.62%
11/16DJCopper Edges Up From Early-Week Losses
11/14DJMETALS : Copper Prices Fall on Weak Chinese Data -- Update
11/14DJMETALS : Copper Prices Fall on Weak Chinese Data
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Copper Pulls Back From Recent Highs

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/12/2017 | 12:46pm CET
By David Hodari 

LONDON--Copper prices slipped further Tuesday, after Monday's bounce gave rise to further profit-taking following weeks of sharp gains and speculative bullishness around the base metal.

The industrial metal fell 0.89% to $6,687.50 a metric ton in midmorning trade in London, with the rest of the base complex also pulling back.

Gold, too, continued to edge lower, falling 0.08% to $1,326.18 a troy ounce, with last week's belligerent back-and-forth between the U.S. and North Korea receding further into the background of geopolitical affairs.

The end of last week saw copper prices start to pull back after months of upward movement, which analysts said was based more on trader optimism about the state of the Chinese economy than it was on supply and demand fundamentals.

"Today we're really just seeing copper settling into that lower range. Friday's selloff was no surprise given how long the market was and it was only a matter of time before the pressure valve was released by some profit-taking," said Kash Kamal, a senior analyst at Sucden Financial.

Data for London Metal Exchange copper, released Friday, revealed that trader bets on copper prices continuing to rise were at their highest since 2004, according to broker Marex Spectron.

Now, though, "with sentiment and fundamentals now looking more aligned, it looks as though prices might consolidate on the previous resistance level of $6,670 where it traded earlier today," Sucden's Mr. Kamal said.

Meanwhile, Chilean data for July 2017 showed mined copper production up 5% for the month year-over-year, although that did little to move the needle on year-to-date production, which is still 7% down on-the-year, according to a note from ING, after strikes at BHP Billiton's mine at Escondida.

Peru's year-to-date output, meanwhile, has been slightly higher, according to Investec.

Traders were looking out for Chinese data on industrial production, expected Thursday, as well as credit and monetary supply data, also due this week.

Among precious metals, silver fell 0.06% to $17.80 a troy ounce, palladium gained 0.51% to $954.05 a troy ounce, and platinum fell 0.39% to $987.75 a troy ounce.

Among base metals, zinc fell 0.73% to $3,065.50 a metric ton, aluminum fell 0.09% to $2,119.50 a metric ton, tin fell 0.22% to $20,705 a metric ton, nickel fell 1.69% to $11,635 a metric ton and lead fell 0.50% to $2,267 a metric ton.

Write to David Hodari at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PLATINUM
11/16DJCopper Edges Up From Early-Week Losses
11/14DJMETALS : Copper Prices Fall on Weak Chinese Data -- Update
11/14DJMETALS : Copper Prices Fall on Weak Chinese Data
11/14DJCopper Pulls Back After Weak Chinese Data
11/14DJANGLO AMERICAN : De Beers Diamond Sales +21% Ahead of Christmas Season
11/09 LONMIN : Protesters disrupt Lonmin's South Africa platinum mines
11/08DJGold Rises on Doubts Over Tax Overhaul, Saudi Shake-up
11/08DJGold Rises on Doubts Over Tax Overhaul, Saudi Shake-up -- Update
11/08DJGold Gains as Tax Bill Faces Challenges
11/06DJGold Inches Higher With Geopolitical Risks in Focus
More news
Chart PLATINUM
Duration : Period :
Platinum Technical Analysis Chart | 4-Traders
Technical analysis trends PLATINUM
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral