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5/15/08 Copper futures prices are selling
off this week based on China's industrial production estimates
being up only 15.7% in April which is less that was expected.
The strike in the largest copper mine in the world was settled.
Copper option premiums are high.
5/9/08 Copper futures prices rallied to a
new high this week based on the largest copper mine in the world
being closed down by a workers strike. The rally was short lived
because workers agreed to the new bonus structure and resumed
work. The weak US Dollar is keeping prices around $3.70 pound.
Copper option premiums are high.
5/1/08 Copper futures prices sold off again
this week as the US Dollar continues to climb. The FOMC meeting
hinted to a cessation of interest rate cuts soon which gave the
dollar bulls some hope and crushed copper prices. Copper option
premiums are high.
4/25/08 Copper futures prices sold of from
all time highs this week based on the strong US Dollar and weak
overall commodity prices. Demand for copper is still brisk but
the rising US Dollar makes it more expensive for foreign buyers.
Copper option premiums are high.
4/18/08 Copper futures prices are very near
their all time highs and were helped there by the strike in the
world's largest copper mine, Codelco, in Chile this week. The US
dollar hitting record lows and China's first quarter GDP growth
being over 10% also helped the metal reach higher
ground. Copper option premiums are high.
4/11/08 Copper futures prices stayed near
their all time highs this week as a power shortage in Chile
disrupted mining. Also helping prices was China's insatiable
appetite for industrial metals. Chinese copper imports are
expected to rise 20% this year. Copper option premiums are high.
4/4/08 Copper futures prices are near their
all time highs this week which makes one wonder just how bad the
global economy could be. Copper is considered by many to be the
only commodity with a PhD. in economics because the rise and
fall of copper futures prices often precedes economic expansions
and declines. In this case the red metal is near its all time
highs so an expansion of the global economy could be right
around the corner. Copper option premiums are high.
3/28/08 Copper futures prices bounced this
week based on the Asian demand for the red metal. The world's
copper production fell short of consumption by 42,000 tons in
2007 one report said. Copper option premiums are high.
3/21/08 Copper futures prices kept falling
this week as Wall Street hedge funds and commodity funds
liquidated futures positions to cover margin calls in stocks and
to pay back borrowed money. The Bear Stearns issue took the
confidence from investors. The Fed's 75 basis point cut
surprised investors because a full 100 basis point cut was
expected. Copper option premiums are high.
3/14/08 Copper futures prices are
consolidation sideways near $4/lb for the last couple of weeks
based on infrastructure demands from China, India and Brazil
whose economies and industrial metals demands are growing
dramatically. The weak US Dollar and the expectations of another
Federal Reserve Bank rate cut is propping up prices as well.
Copper option premiums are very high.
3/7/08 Copper futures prices rallied to
break the $4/lb. level this week before getting caught in the
broad based commodity sell off. Fears that the slowing US
economy may slow Chinese expansion. China has had an insatiable
appetite for industrial metals lately and have been driving the
copper futures prices higher and the LME's inventories have
shrunk 30% this year to a 3 day global usage supply. Copper option premiums are high.
2/29/08 Copper futures prices rallied with
the other metals this week based on inflation concerns because
the Fed is expected to cut rates by another 50 basis points at
the March 18-19 Federal open market committee meeting. Copper
futures are also gaining strength based on industrial metal
ETF's and speculative capital leaving stocks and bonds searching
for returns. Copper option premiums are high.
2/22/08 Copper futures prices hit contract
highs this week based on heavy Chinese demand that led to draw downs in LME warehouse stockpiles. The weaker US dollar is also helping
to push copper futures prices higher. Copper is considered a
predictor of economic ups and downs and this contract high would
signal that the global economy may not slow down as much as
predicted. Copper option premiums are high.
2/15/08 China and India's insatiable demand
for industrial metals caused a rally in copper futures prices
this week. The very active emerging economies are still using up
supplies in spite of a possible US slowdown. Especially when one
figures in that there are 3 billion people in Asia vs. 100
million in the US. The lower dollar also helped copper futures
prices rise above $3.50 a pound this week. Copper option
premiums are high.
2/8/08 Copper futures prices hit a 10 month
high this week based on a drawdown in LME stockpiles to the
lowest level since November and Chinese
demand. Copper futures prices are rising in spite of a possible
recession and Chinese growth estimates being lowered by the
world bank from 10.8% to 9.6%. Copper futures prices are also
unexpectedly running up in spite of the strengthening US Dollar.
Copper options volatility premiums are extremely high.
2/1/08 Copper futures prices are
consolidating sideways with doubts about the US economy's
weakness and its affects on the rest of the globe. China's
demand for copper is still robust but lessening. Copper futures
prices have been called the only futures prices with a PhD. in
economics because falling prices often signal receding
economic conditions. Copper options volatility premium is
currently high.
1/18/08 Copper futures prices sold off
through the $3.20 level this week. The weak US Dollar and the
Fed cutting interest rates again should help support prices and
there is still a lot of demand at current copper future prices.
China's expansion is using huge amounts of copper and supporting
copper futures prices. The current
industrial metal futures bull market seems to be leveling out at
these levels. An expected US slowdown may put a lid on prices for now.
The International Copper Study Group said that world consumption
of copper exceeded production by 265,000 tons in the first nine
months of 2007. Copper futures prices are still down.
-T & K Futures and Options Inc.
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