Industrial metal complex ex. Copper contracts – TDS

In
the
industrial
metals
complex
Commodity
Trading
Advisors
(CTAs)
have
turned
sellers
of
Zinc,
Lead
and
Nickel,
while
Copper
sees
a
continuation
of
the
early
week
rally,
TDS
commodity
analysts
note.

Copper
grows,
other
metals
sell
off

“In
the
industrial
metals
complex
CTAs
have
turned
sellers
of
Zinc,
Lead
and
Nickel.
Meanwhile,
the
failure
of
Copper
to
see
a
continuation
of
the
early
week
rally
is
seeing
the
selling
trigger
creep
closer
to
market
yet
again,
with
the
first
key
downside
momentum
trigger
sitting
at
$9,598/t.

“After
briefly
covering
shorts
and
building
a
small
net
long
position,
top
traders
on
the
Shanghai
Futures
Exchange
(SHFE)
have
once
again
liquidated
positions,
bringing
the
red
metal
into
a
net
short
territory
again.”

“With
our
gauge
of
global
commodity
demand
continuing
to
weaken,
while
depressed
premiums
and
surging
inventories
in
the
Middle
Kingdom
argue
against
fundamental
tightness,
there
are
plenty
of
potential
catalysts
that
could
still
see
prices
ease
once
again.”