Copper Fundamental Forecast – March 21, 2016

Copper was more or less flat today holding onto gains at 2.291. Copper price hit the highest since November as China’s home prices rose the fastest in 2 years. Copper also jumped 1 percent to hit the highest since November after the dollar plummeted. It looks to post gains for a fourth week in five by this week’s close. Industrial metals gained further as China’s home price data rose at the fastest pace in almost two years, boosting demand optimism in metals.

The head of mining company Antofagasta said the current commodity rout – widely attributed to a slowdown in China – was more vicious than previous periods of commodity turmoil.

“In 2008, 2009 we saw prices going down but really it was a financial crisis and not a commodity crisis and China was growing well and it really didn’t affect the industry but this time it looks like it will take a little longer especially because it’s about China.”

Still, Hernandez thought there were reasons to be optimistic, with China’s urbanization set to continue and boost demand for copper, although he believed growth would not be at the same pace “as it used to be.”

FxEmpire provides in-depth analysis for each asset we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports, which covers the current week and are published by Sunday before the new week begins. Daily we share any new events, forecasts or analysis that affect the current day. To achieve a full accurate understanding it is important that you study all of our data and analysis as a whole.

Today’s economic releases:

 

Upcoming Economic Events that you should be monitoring:

Monday, March 21, 2016

Government Bond Auctions

Date Time and Country

Mar 21 11:00 Belgium OLO auction – CANCELLED

Mar 21 11:30 Germany Eur 1.5bn Mar 2017 Bubill

Mar 21 17:20 Italy Details of Zero-coupon/BTPei auction

Mar 22 10:00 Netherlands Holds bond auction

Mar 23 11:30 Germany Eur 1bn 2.5% Aug 2046 Bund

Mar 23 17:20 Italy Details of bond auction

Mar 23 17:20 Sweden Details of bond auction on Mar 30

Mar 23 16:30 US Holds 2-year FRN auction

Mar 24 11:10 Italy Holds zero-coupon/BTPei auction