Copper Weekly Outlook

Copper Weekly Outlook

 

 

Jack Gleason founder of Major League Trading.com reviews his trade plan for the copper market this week identifying trading levels that he will be watching for possible trading opportunities and covering upcoming news that could potentially impact markets.

Copper futures have posted steady gains since the 5% correction on December 5th. There are rumors of massive speculation going on in the copper futures contract (HG). This long speculation is confirmed from an article on zerohedge saying that "Two firms held 40 to 49 percent of copper inventories and short-dated positions, according to Jan. 19 exchange data that shows holdings as a proportion of available stockpiles. While the LME provides data on the approximate size of large positions, it doesn’t disclose who is behind them."

Knowing all this information I am looking for HG to potentially continue its climb higher for the week of December 18th. But forget what I say, just look at that chart, its up 9 days straight. 

 

Economic Calendar for the News of the Week

 

MonDec 18  7:30pm AUD
 
Monetary Policy Meeting Minutes
TueDec 19 8:30am USD
 
Building Permits
WedDec 20 8:15am GBP
 
BOE Gov Carney Speaks
  10:30am USD
 
Crude Oil Inventories
  Tentative JPY
 
Monetary Policy Statement
ThuDec 21 1:30am JPY
 
BOJ Press Conference
  8:30am CAD
 
CPI m/m
    CAD
 
Core Retail Sales m/m
    USD
 
Final GDP q/q
FriDec 22 4:30am GBP
 
Current Account
  8:30am CAD
 
GDP m/m
    USD
 
Core Durable Goods Orders m/m

Source: Forex Factory

 

 

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