ANZ research is reporting that they are expecting further weaknesses in the oil and iron ore markets. “Both have ongoing supply side issues,” Daniel Hynes, senior commodities strategist, told ABC News.
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With copper (as well as nickel), significant declines have been the story, but a minor rebound in the copper price was a welcome sight after it hit six-year lows. “The import numbers we saw into China in December were particularly strong for copper and some other base metals, and there are some falling inventories on global exchanges,” Hynes added.
Our own Raul de Frutos wrote recently that despite better-than-expected copper imports in China to close out 2015, there is little to no reason to anticipate a turnaround with the copper markets. “While the slump in commodities continues and global markets slide, copper has little upside potential,” de Frutos stated.
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