Amid market turmoil, Doctor Copper isn’t panicking... yet

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 92%

United States News News

United States United States Latest News,United States United States Headlines

Amid market turmoil, Doctor Copper isn’t panicking... yet GlobeInvestor

This translation has been automatically generated and has not been verified for accuracy.This was hardly surprising given the turmoil unfolding in the broader financial universe.

Funds then either left the base metals space or positioned themselves on the short side, fearing a derailment of China’s expected manufacturing revival.So too does the metal’s demand dependence on China’s giant manufacturing sector. Money manager net positioning on the CME’s high-grade copper contract turned net long at the end of December and remained so until the end of January, when news of the coronavirus first started grabbing the headlines.

Zinc’s sharp Monday bounce suggests that funds may have reached short capacity even in this out-of-favor market. Travel restrictions are gradually being relaxed and the country’s factories are slowing grinding back into activity. As JP Morgan points out, even if every copper consumer in Europe and North America were to reduce operating rates by 40% for the next three weeks, the hit on copper demand would be just 140,000 tonnes, or a quarter the expected hit to China over the first quarter.That’s not to say copper and the other base metals couldn’t tumble further in price.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Amid market panic, smart money is thinking long term: Mark Wiseman‘For those that are well-capitalized, this has the potential to be a fantastic buying opportunity for the long-term investor’ It's going to be a great time to buy stocks after the masses are tired of the fear-mongering the Legacy Media is slamming on them. Then the Legacy Media can go back to watch a race baiting or climate change
Source: nationalpost - 🏆 10. / 80 Read more »

Business as usual at movie box office amid coronavirus concernsNorth American audiences are not staying away from theatres amid virus concerns, according to the weekend's box office numbers, as Disney and Pixar's 'Onward' topped the charts. Now playing... FeelTheBern2020 That's a hard no... I think I’ll save my $50 ticket and food price and wait a month for it to come on demand and spend a fraction of the price on snacks 🤣🤣🤣🤣
Source: CTVNews - 🏆 1. / 99 Read more »