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Cements Short-Term Reversal


BLOCK, Late put Fly


Extends Break of the 50-Day EMA

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  • Copper extended its retreat from Monday's spike, falling 1.5% on Wednesday, amid concerns over Chinese demand and further signs of adequate supply.
  • Rhetoric from Chinese government officials on the need to avoid asset bubbles is tempering investor enthusiasm for raw materials despite a broadly positive economic outlook. Additionally, Chile's central bank reported copper exports reached an eight-year high in March, further easing fears surrounding supply constraints.
  • Precious metals had a very subdued session, broadly unchanged in line with the US dollar ahead of the release of the FOMC minutes.
  • Crude futures dipped 2% before rebounding and posting marginal gains on Wednesday up roughly 0.4%. This price action continued the largely rangebound trade that has seen WTI crude close each of the past nine sessions less than $2 above or below $60 as investors continue to assess the multitude of counteracting factors in play.
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MNI London Bureau | +44 020 3983 7893 |

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