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Following a particularly difficult week on the markets (particularly in Copper), we have once again seen a decline in prices overnight with all metals trading in the red. Fortunately for us here in Australia, the AUD is trading around 1.0267 this morning which is taking some of the sting out of the falls.

In chatting to one of China’s biggest traders last week, he was expecting copper to continue to fall, and would not be surprised to see copper as low as USD6000 in the next few months. In lessons learnt since the GFC, most big traders across the world hedge a large percentage of their purchases to cover against any potential falls in the market, “it’s all about minimising the risk for ourselves and our clients” he said.

**** DJ MARKET TALK: LME Metals Down, Copper Flirts With Bear Market **** By Laura Clarke @

0837 GMT [Dow Jones] LME metals are mostly lower, as copper flirts with bear market territory and its latest bounce level of $6,800/ton. Newedge Director of Asian Commodities Trading Richard Fu says the markets sees a fall to $6,600/ton if $6,800/ton is broken. “Before the long May Day holiday in China, from 29th April to 1st May, and the UK bank holiday on 6th May, the movement of the metals market might be dramatic,” he adds. China’s initial manufacturing data is released Tuesday. Copper touched an 18-month low during last week’s bearish run, sparked by weaker-than-expected Chinese growth data. LME 3-month copper down 1.6% at $6,878/ton.

**** DJ MARKET TALK: Copper Pullback Boosts Physical Demand – Trader ****

0236 GMT [Dow Jones] The pullback in copper prices over the last week has helped boost physical buying and push physical premiums in China higher, a Singapore-based trader says. “Our physical business is good,” he says; “I wouldn’t complain with the copper premiums also looking up in China.” He notes that copper’s plunge to 18-month lows last week is surprising given the macroeconomic backdrop was far weaker when copper was last at current levels; he ascribes recent risk aversion to the possible curtailment of U.S. QE and jitters around Cyprus’s bailout. After last week’s 5.6% price pullback, “I am sure a lot of people would be seeing red all over their books,” he says. Three-month copper is trading at $6,947 a metric ton, down 0.6% from its previous settlement. (


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