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3 reasons to buy copper: Hansen
Industrial metals have seen a solid rise this year and copper in particular has moved clear of its January lows. Despite bad numbers out of China, hedge funds have reduced short positions.
“Bad news is received as good news”, says Saxo Bank's Head of Commodity Strategy, Ole Hansen, which he says indicates a turn in the market.
He also points to an improvement in the technical picture which he illustrates with charts. They focus on an inverse head and shoulder formation indicating another 10% move higher.
01:37 minutes
Tags: china, china economy, china gdp, china manufacturing, china outlook, china slowdown, chinese economy, commodities, commodities markets, commodity, commodity investing, commodity market, commodity outlook, commodity prices, commodity strategy, commodity trade, commodity trading, copper, copper demand, copper futures, copper market, copper price, industrial metals, industrial production, metals, metals business, saxo trader go, saxo tv, saxobank.com, tradingfloor.com
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