Our thoughts this week are with the residents of Fiji who have been battered by category 5 Tropical Cyclone Winston with winds up to 325 kilometres per hour. We are hopeful that with time, the residents will rebuild their homes and go back to a normal life.
On the LME Copper prices have had a slight rise in USD on the back of rising oil prices and a more bullish sentiment, but unfortunately the AUD/USD is now trading at 72.3 cents being the highest level in two months, which keeps a lid on prices when converted into AUD.
DJ Copper Rises In Europe — Market Talk
1124 GMT Copper futures are higher on the London Metal Exchange, trading up on greater risk appetite and more positive China sentiment. The Shanghai Composite Index ended 2.4% higher, while the Chinese authorities decided to reduce taxes on home purchases in many of the country’s cities in a bid to reduce the glut on the property market, according to Commerzbank. Looking ahead, “CFTC data suggest speculators are looking divided [on copper], with the number of long positions declining while shorts are being covered,” says ANZ Research in a note.