Copper prices are edging lower – ING

Source Fxstreet

Copper edged lower after China’s new-home prices fell the most in seven months, ING’s commodity analysts Warren Patterson and Ewa Manthey note.

Chinese monthly primary aluminium production rises 5%

"China’s property market, a key sector for base metals demand, saw a 0.2% decline in new home prices in 70 cities in April. After several months of relatively encouraging data, where the pace of price declines slowed and more cities saw price stabilisation, we’re seeing faster price declines with fewer cities experiencing upswings. This suggests there’s a risk that the property market slides backwards again."

"Meanwhile, the National Bureau of Statistics (NBS) numbers released this morning showed Chinese monthly primary aluminium production rising 5% year-on-year to 3.8mt in May, as domestic mills increased production amid rising profit margins. Cumulatively, output increased 4% YoY to 18.6mt over the first five months of the year."

"The latest positioning data from the CFTC shows that speculators increased their longs of COMEX copper by 2,807 lots for a second consecutive week to 26,676 lots as of 10 June. The move was largely driven by falling gross shorts by 2,886 lots over the reporting week."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Outlook 2025As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
Author  TradingKey
Jan 23, Thu
As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
placeholder
WTI moves above $64.50 due to odds of Saudi Arabia raising August Oil prices for AsiaWest Texas Intermediate (WTI) Oil price gains ground for the second successive session, trading around $64.60 during the European hours on Tuesday.
Author  FXStreet
Jul 01, Tue
West Texas Intermediate (WTI) Oil price gains ground for the second successive session, trading around $64.60 during the European hours on Tuesday.
placeholder
Dogecoin Closes June In The Red With 14% Losses, Will July Be Any Better?With the close of June, the Dogecoin price has once again confirmed the bearish trend of the month.
Author  Bitcoinist
Jul 02, Wed
With the close of June, the Dogecoin price has once again confirmed the bearish trend of the month.
placeholder
Solana (SOL) Cools After Recovery — Resistance Proving Difficult to CrackSOL price is now correcting gains and might struggle to rise above the $155 resistance.
Author  NewsBTC
Jul 04, Fri
SOL price is now correcting gains and might struggle to rise above the $155 resistance.
placeholder
Silver Price Forecast: XAG/USD consolidates right below $37.00 in risk-off marketsSilver consolidates the previous two days' gains and remains pinned near $37.00.
Author  FXStreet
Jul 04, Fri
Silver consolidates the previous two days' gains and remains pinned near $37.00.
Related Instrument
goTop
quote