und der wird dies Woche wieder fallen.www.metal.com/newscontent/...-with-lme-backwardation-narrowing
warum ist das wichtig ich habe es bereits geschrieben aber hier nicheinmal zum bessern Verständnis
blogs.marketwatch.com/thetell/2014/03/12/...stors-should-care/
with estimates that as much as 60% of China’s copper stock is used as trade collateral, there’s panic among copper investors who are worried about massive liquidation in the market, said Schlossberg.
Over the years, copper’s value has expanded beyond its use as an industrial metal, and the commodity is now firmly a highly financialized product in China, said John Hardy, head of foreign-exchange strategy at Saxo Bank, in emailed comments Wednesday.
He said the drop in copper prices “can be directly traced to the recent and obvious move by the Chinese regime to weaken its currency in order to slow the popularity of the U.S dollar/China yuan carry trade that was driving their currency stronger against the USD even as major [emerging market] currencies were recently weak.”
Investors engaging in a carry trade borrow or sell low-yielding currencies to fund investments in higher-yielding currencies.
As the dollar-yuan carry trade is being curbed, it appears large copper positions are being unwound, hitting those who were using copper as collateral and perhaps causing positions to be dumped, Hardy said.
Why it all matters: because the “the general risk from here is that this move in metals prices further destabilizes the Chinese financial system and will raise concerns of a hard landing in China if the authorities can’t get ahead of the pressures and potential contagion effects this move is generating,” Hardy said.
The traditional slowdown in downstream copper demand during China’s Lunar New Year was more pronounced this year than last, analysts at Barclays noted this week, though they said they expected gradual demand improvement in the peak season for the second quarter.
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