In the industrial metals complex, Commodity Trading Advisors (CTAs) have turned sellers of Zinc, Lead and Nickel, while Copper sees a continuation of the rally from earlier in the week, commodity analysts at TDS note.
Copper rises, other metals sell off
“In the industrial metals complex, CTAs have turned into sellers of Zinc, Lead and Nickel. Meanwhile, Copper’s failure to see a continuation of the rally from earlier in the week is bringing the market closer to selling trigger once again, with the first key downside momentum trigger located at $9,598/t.
“After briefly covering short positions and building a small net-long position, major traders on the Shanghai Futures Exchange (SHFE) have liquidated positions again, taking the red metal into net-short territory again.”
“With our global commodity demand gauge continuing to weaken, while depressed premiums and rising inventories in the Middle Kingdom argue against a fundamental shortage, there are plenty of potential catalysts that could still see prices ease once again.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
