#Copper #MiningStocks Due for Bounce Off First Level of Support $COP, $FCM $GLEN.L $FM.TO $HBM.TO

#Copper: Testing First Level of Support, but risks remain

-          Copper has pulled back nearly 8% from the 2017 highs and is now testing its first key level of support near the 50-day moving average and August consolidation zone.

-          The pullback resembles the December 2016 lows as price action hits the 50-dma as Full Stochastics reach extreme near-term oversold levels. 

 

Global Copper Miners ETF: Trading Opportunity Off the 50-MDA

 

-          The Global Copper Miners ETF (COPX) has pulled back to initial support at the 50-day moving average.

-          The recent weakness has pushed Full Stochastics  to oversold levels and reset daily RSI providing an opportunity to accumulate.  

 

 

Freeport-McMoRan: Testing Key Support

-          Freeport has pulled back to converging support at the 200-day moving average, August lows and neckline of the Feb-July rounded bottom.

-          Combined with sub-10 Full Stochastic readings, the recent pullback provides an attractive entry point.

Glencore: Dual Support

-          Glencore is retesting the breakout from the November to August trading range and rising 50-day moving average.

-          The September pullback has reset momentum from an oversold condition and offers an opportunity to accumulate.  

  

First Quantum Minerals: Bottom of Channel

-          Price action has pulled back 17$ from the September highs and is now at the bottom of the developing bullish channel.

-          Deeply oversold Full Stochastics combined with price testing support suggests adding to FM at current levels.  

 

HudBay Minerals: Oversold at 200-Day Moving Average 

-          Attractive entry point in HBM as price tests a key inflection level dating back to December 2016 and the rising 200-day moving average.

-          RSI, MACD and Full Stochastics reset and price action remains in an uptrend versus the TSX Composite.

 

Copper Commitment of Traders: Still Needs to Reset

-          While we see attractive trading opportunities in Copper stocks after their recent declines, there still remains some risk over the coming months from the positioning in the Commitment of Traders.  

-          Net speculative long positions in Copper have risen to the second largest net long position in history behind only the late 2016/early 2017 period. At the same time, commercial traders have opened up significant net short positions approaching the 2017 lows.  

-          The bearish COT setup suggests Copper is likely to experience a multi-month period of consolidation similar to the first half of 2017.  

 

#Gold - #ETF gold holding end of August 2017

The World @GoldCouncil published its #Gold #ETF holdings update

 

European funds have increased their AUM (asset under management) by 12% on the year, while Asian funds have lost 16% of their assets.

 

Gold-backed ETFs increase by 31.4t in August to 2,295t in global holdings

 

·        North American ETFs drove global inflows in August as investors added 27.8 tonnes ($1.3bn, 2.6% asset under management (AUM)

·        Flows in Europe were mixed with a net increase of 6.4t ($321mn, 0.78% AUM)

·        Asia funds lost 2t ($80mn, 3.0% AUM), with many of the Chinese gold-backed funds losing assets

Individual fund flows

·        In North America, SPDR® Gold Shares led inflows with +22.4t ($1.03bn, 3.2% of AUM), followed by iShares Gold Trust with +4.6t ($266mn, 3.1% of AUM).

·        European inflows were driven by Source Physical Gold +6t ($245mn, 5.5% of AUM) and ETFs Physical Gold +2.1t ($109mn, 1.87% of AUM).

Year-to-date trends

·        Global gold-backed ETFs collectively hold 2,295t and added 143.5t, equivalent to $5.3bn so far in 2017. This represents an increase of 5.5% of global AUM.

·        European funds continue to lead inflows accounting for nearly 79% of all inflows during the year.

European funds have increased their AUM by 12% on the year, while Asian funds have lost 16% of their assets.