Fortunately for all of us, the biggest talking point in the last week has been the price of Oil which fell to a fresh 12 year low overnight. Whilst we haven’t quite noticed the price of unleaded petrol falling at the local servo quite as fast, it has helped with the AUD/USD which fell throughout the week and is now trading at the 68.50 cent levels
Yesterday the USA enjoyed a public holiday for Martin Luther King Day, with most of the population tuning into the NFL super bowl playoffs.
In China, the shaky stockmarket is still on everyone’s radar with Copper & Aluminium relatively calm throughout the week.
DJ Copper Closes Higher in London on Stronger Yuan, Chinese Stock Pullback By Ese Erheriene
LONDON–Copper futures closed higher in London Monday, as a pullback in Chinese stock market declines and a stronger yuan prompted some demand for the industrial metal.
The London Metal Exchange’s three-month copper contract was up 1% at $4,375 a metric ton at the PM kerb close, hovering near six-and-a-half-year lows.
On Monday, comments from Chinese officials appeared to calm investors’ nerves about the country’s growth prospects, and the Shanghai Composite Index closed higher.
“There was also a slight recovery in the yuan which helped lift overall sentiment, but with the U.S. closed for Martin Luther King Day, turnover was somewhat thin across the board,” wrote Liz Grant at Sucden Financial.