New high point for copper

COPPER hit a fresh seven-month high with a further 0.4% rise to $9326 per tonne or $4.22 per pound.
New high point for copper New high point for copper New high point for copper New high point for copper New high point for copper

Ole Hansen

Similarly, tin was also at its highest level since June, closing at $29,016/t and zinc was up 3.3% to a near five-month high of $3422.96/t.
 
Nickel, which has been soft so far in 2023 compared to other base metals, was up 4.4% to $27,651/t.
 
Gold eased to $1906 an ounce on poor US economic data, which got traders again thinking about interest rate hikes.
 
"Industrial production fell 0.8% in December, close to our forecast for a 0.7% decline and well below the consensus forecast for a 0.1% decline," UBS said.
 
"This was a third straight contraction, led by a 1.3% fall in manufacturing output. Mining output declined by 0.9%, a third straight decline.
 
The 0.1% annualised decline in business equipment output in Q4 was the first quarterly decline since the start of the pandemic."
 
Meanwhile, Chinese growth for 2022 came in at 3%, the second-slowest rate since the 1970s, according to Bloomberg, and well below the 8.4% recorded in 2021.
 
Traders are awaiting the aftermath of the earlier than usual Chinese New Year this Sunday to see if activity accelerates.
 
There was an explanation for gold's performance.
 
"ETF flows and risk reversals have remained flat for weeks with no sign of demand despite the recent rally," Saxo Bank's Ole Hansen said.
 
"We believe the direction in gold is correct but the timing is wrong, raising the risk of a short-term correction driven by recently established spec longs."
 

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