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Trending
SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6870.39
6870.39
6870.39
6895.79
6858.28
+13.27
+ 0.19%
--
DJI
Dow Jones Industrial Average
47954.98
47954.98
47954.98
48133.54
47871.51
+104.05
+ 0.22%
--
IXIC
NASDAQ Composite Index
23578.12
23578.12
23578.12
23680.03
23506.00
+72.99
+ 0.31%
--
USDX
US Dollar Index
98.800
98.880
98.800
98.960
98.730
-0.150
-0.15%
--
EURUSD
Euro / US Dollar
1.16622
1.16630
1.16622
1.16717
1.16341
+0.00196
+ 0.17%
--
GBPUSD
Pound Sterling / US Dollar
1.33295
1.33304
1.33295
1.33462
1.33151
-0.00017
-0.01%
--
XAUUSD
Gold / US Dollar
4216.95
4217.29
4216.95
4218.45
4190.61
+19.04
+ 0.45%
--
WTI
Light Sweet Crude Oil
59.989
60.026
59.989
60.063
59.752
+0.180
+ 0.30%
--
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CMX Copper: Demand for Bulk Copper Weakens and Risk of Global Economic Recession Rises
Summary:
Copper and other basic metals, as economic barometers, are sending warning signals about the global economy. The Bloomberg Industrial Metals Spot Subindex is losing out to the Bloomberg Commodity Spot Index as the Federal Reserve tightens its policy. The commodity report from industry research said that this unusual distortion could reflect the growing risk of a global recession as soaring food and energy prices prompted central banks to raise interest rates further. Copper prices in New York have fallen for five consecutive months, the longest monthly decline since 2008.
CLOSED
7690.000
Entry Price
7520.000
TP
7860.000
SL
11717.350 +65.850 +0.57%
7330.5
Pips
Loss
7520.000
TP
7763.305
Exit Price
7690.000
Entry Price
7860.000
SL
1. Fundamentals
Copper and other basic metals, as economic barometers, are sending warning signals about the global economy. The Bloomberg Industrial Metals Spot Subindex is losing out to the Bloomberg Commodity Spot Index as the Federal Reserve tightens its policy. The commodity report from industry research said that this unusual distortion could reflect the growing risk of a global recession as soaring food and energy prices prompted central banks to raise interest rates further. Copper prices in New York have fallen for five consecutive months, the longest monthly decline since 2008.
Despite mixed performance in the new round of US economic data, gold prices have fallen to their lowest level since April 2020 as markets expect the Fed to raise interest rates more sharply.
On September 15, Ole Hansen, Head of Commodity Strategy at Saxo Bank, said, "The market expects the Fed to raise rates by 1 percentage point next week, with the terminal rate at around 4.5%, which in turn brings damage." Stronger-than-expected retail sales also did not help due to the potential impact on the Fed's upcoming interest rate decision.
Gold prices have fallen nearly 8.8% this year as the Fed's sharp interest rate hike has weakened the appeal of interest-free assets. The rising USD is also weighing on gold prices, but the increasingly hawkish stance of European Central Bank officials is curbing the USD's gains. Meanwhile, a slowdown in China's economy could affect the demand for gold and jewelry.
2. Technical Analysis
2.1 CMX Copper 1W Chart
The key resistance above is 3.6.The key support below is 3.3232.
2.2 CMX Copper 1D Chart
The key resistances above are 3.5170 and 3.59502.3 CMX Copper 4H Chart
The trend of SMA is generally bearish unilaterally.
For CMX copper, it is recommended to go short at the highs.Entry price: 7690;
Take profit: 7520;
Stop loss: 7860.
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