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- Copper – in short-term is possible profit from long
Copper - in short-term is possible profit from long
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Loading...The price of Copper rose after Glencore (L: GLEN) announced another reduction in production, which is consecutive decrease (this time with 55,000 tons. By the end of 2017). The aim of the Swiss giant to improve its balance sheet data by reducing the debt ratio and financial leverage. In September Glencore shortened to 400 thousand tons total production in Zambia and Congo. Forecast is for total decreasing in production in the world with over 450,000 tons.
The December Comex futures reached to $ 2.3520, then a slight pulse back to $ 2.3405 (at 52 wk Range = 2.228 / 3.078). Today at 03:45 was announced the Chinese index Caixin Services PMI (Oct) with a positive value 52.0 in the expected 50.8 and the previous value 50.5, which is positive for the mining of Copper, because China consumes over 40% of global consumption of the metal.
Impulses in this situation will continue and in short-term is possible profit from long positions, but the medium-term trend is still short.
G.Hristov / Head of Fundamental Analyzes
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