Economist Shayne Heffernan of www.livetradingnews.com takes a look at Copper trading live from Asia
Copper extended gains into a second session on Wednesday following strong U.S. earnings reports and after Moody’s Investors Service affirmed Spain’s investment grade, soothing some fears over the euro zone economy. Three-month copper on the London Metal Exchange rose 0.7 % to $8,180 per tonne as of 0110 GMT, after rising 0.4 % on Monday.
Miner Xstrata (LON:XTA) reported a dip in third-quarter copper volumes, dented by its shift to new operations but also by ongoing trouble at the giant Collahuasi mine, where production fell 44 percent.
Xstrata, the world’s fourth-largest copper miner, said its total production of the red metal dropped to 187,800 tonnes in the quarter, above the preceding three months but 16 percent below the same period a year earlier.
Codelco Sees New China Stimulus Boosting Copper Use: Commodities
Codelco, the world’s largest copper producer, forecast a recovery in demand for commodities on likely stimulus measures in China. “We expect to see healthier growth rates as we enter the new year,” Chief Executive Officer Thomas Keller said in an interview in London. China’s new leadership will “provide important stimulus for the economy and for the mining industry at large, and copper in particular,” he said.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service
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