It hasn’t been a good day for commodities with gold, silver, copper and oil all falling sharply. Copper has been hit the hardest, followed by silver. The metals have been weighed down in part because of the stronger U.S. dollar, which has risen to its highest level since March 21 against the Japanese yen. The U.S. currency last week hit new highs on the year versus the major commodity currencies: the Canadian, Australian and New Zealand dollars.
Caution prevailed across major markets on Wednesday before a potentially tense meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping this week, although metals and oil prices firmed on a hope of better global demand.
London copper climbed to its highest in more than a week on Wednesday, buoyed by brighter data from the United States and expectations of seasonally improving second-quarter demand. U.S. consumer confidence surged to a more than 16-year high in March amid growing labour market optimism while the goods trade deficit n
Copper rebounded from a near two-week low on Wednesday as investors took advantage of a correction to rebuild long positions amid persistent supply issues, including a strike at the world's biggest copper mine in Chile.
During a rather informative meeting with the Bloomberg Metals Team in New York last week and also add a little information that I have gleaned from a recent interview with the Mining Minister of Chile and I think it’s time to share with you my current viewpoint on Copper.