Shanghai copper has lost 1% so far today hitting a low of 35,750 yuan, its weakest since April 8 and a reflection of the bleak global outlook. Chinese buying for stockpiling purposes had helped push copper prices higher this year and touch a 6 month peak last week. However analysts say Beijing’s State Reserves Bureau may be done for now, having breached its target volume.
The AUDUSD has also suffered on the back of this, slipping from over 73c to 6950. Look for AUDUSD to remain under pressure with 7150 still the level to watch on top. Only above there do we resume the uptrend.
