Welcome to the first day of Summer with the countdown to Christmas well upon us. On the commodity markets the LME has steadied for the time being with only small movements in prices in the last 5 days.
Last Thursday in the USA was Thanksgiving holiday, where as a nation most families generally spend the day entirely at home “relaxing” with a turkey meal and a traditional NFL game in the afternoon. It is estimated 46 million turkeys are consumed at Thanksgiving at an average weight of 16 pounds each. That weight is increased if people upgrade to a mouthwatering Turducken which is a deboned chicken stuffed into a deboned duck which are both stuffed into a turkey.
Today the RBA meets with a unanimous prediction of no movement in the RBA cash rate, particularly after Governor Glenn Stevens told an audience last week that they should all “chill out”.
The AUD/USD is currently at 0.723
Please find the following for your perusal;
Large China copper smelters agree to cut production in 2016
28-Nov-2015 07:00:13 PM
By Polly Yam
HONG KONG, Nov 28 (Reuters) – Nine large copper producers in China have agreed an initial plan to cut refined metal production by more than 200,000 tonnes in 2016 or around 5 percent from this year’s level, an executive at one of the producers said on Saturday.
The agreement followed a meeting by the producers on Saturday in Shanghai to discuss coordinated output cuts to support the market after prices in Shanghai SCFcv1 and the London Metal Exchange CMCU3 plunged to their lowest in more than 6 years.
China, the world’s second biggest economy, is the top refined copper producer and consumer but is suffering an economic slowdown adding pressure on the global market.
The nine producers also will ask the state-controlled industry body, the China Nonferrous Metals Industry Association (CNIA), to request Beijing to investigate high-speed trading and malicious short selling of copper contracts traded on the Shanghai Futures Exchange, the executive said.