Copper prices popping
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 22 June 2023
⏱️ 5 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis. |
| 0:09.0 | Good afternoon, today is Thursday, June 22nd. I am your host, Kim Khan. Our top story so far in today's session. |
| 0:16.7 | Copper prices hit a seven week high. Inventory is on the London Metal Exchange have dropped |
| 0:21.1 | sharply while the prospect of additional stimulus in China is underpinning demand. the fell 38% to 30,125 tons. |
| 0:34.0 | That's the lowest level since October 2021. |
| 0:37.0 | Benchmark Copper hit its highest level since May 2nd |
| 0:40.1 | at 87, 1150. |
| 0:42.0 | It also broke above its 100-day moving average. A weaker dollar is also supporting |
| 0:46.4 | base metal prices with LME lead and tin reaching their best levels since January 30th and April |
| 0:52.2 | 19th respectively. |
| 0:54.0 | Aluminum, zinc, and nickel are also higher. |
| 0:57.3 | Now here's a look at how trading is shaping up. |
| 1:00.0 | Stocks are searching for direction. |
| 1:02.0 | The NASDAQ is out performing the S&P 500 and Dow. |
| 1:05.3 | Yesterday the S&P closed down for the third straight session. |
| 1:08.6 | That hasn't happened since May 4th. |
| 1:10.9 | Rates are higher. |
| 1:11.8 | The 10-year Treasury yield rose to 3.77 percent. Oil and gold are lower, but |
| 1:16.9 | Bitcoin continues its climb. In economic data, weekly initial jobless claims came in unchanged to 264,000, but that remains elevated. |
| 1:26.0 | Pantheon macros Ian Shepardson says the numbers show that the rising trend likely is real and signal slower job growth. That would take some |
| 1:34.2 | pressure off the Fed. May existing home sales rose a little more than expected to an |
| 1:38.9 | annual rate of 4.3 million just up from a revised 4.29 million. Among stocks to watch, |
... |
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