LIVE FUTURES REPORT 16/11: Copper up 2.3%, complex follows on upbeat China industrial output

The London Metal Exchange three-month copper price rose the most across the complex on Monday November 16 amid news of China’s industrial output rising by 6.9% year on year.

Copper's three month price rose by 2.4% on Monday morning compared with Friday’s 5pm close, reaching $7,142.50 per tonne as of 9am. There was a staggering 16,000 lots traded in the morning session alone, although some analysts believe the escalation is unsustainable. 
"The break of the year-to-date high has triggered stop-losses from shorts, which are forced to cover. This is typical capitulation," Fastmarkets analyst Boris Mikanikrezai said. "The move is being fuelled by [commodity trading advisors] CTAs, and is, by definition, unsustainable."

“Caution is never...


Ana de Liz

November 16, 2020

10:30 GMT