Asian players are refraining from being active ahead of jobs data, which is causing the market to be range-bound, but copper will be supported after yesterday's news on China's tax hike.
More Quotes from Naohiro Niimura:
The market is focusing on weather, which is softening product demand everywhere in the Northern Hemisphere, not just the U.S. Northeast.Naohiro Niimura
Traders are not in hurry to buy, as we seem to have sufficient supplies plus mild weather.
Naohiro Niimura
The build is quite huge, and that's having an impact on the market today. OPEC has no reason to cut production as long as prices remain near 60.
Naohiro Niimura
It's clear that the weather in the US north-east will remain much warmer than normal and reduce heating demand sharply.
Naohiro Niimura
The Nigerian incident is a clear sign to buy. There had not been much similar market-moving news for a while and it's easier to move prices now because volumes and liquidity are low due to the holiday period.
Naohiro Niimura
At 67, we have started seeing indicators that suggest oil prices might be weighing on demand growth.
Naohiro Niimura
Readers Who Like This Quotation Also Like:
Based on Keywords: copper, range-bound, refrainingI'm friends with Hank Azaria. We were on a show together 800 years ago, and we laugh every single time.
Nicole Sullivan
The greatest truth is honesty, and the greatest falsehood is dishonesty.
Abu Bakr
If you haven't got it. Fake it! Too short? Wear big high heels, but do practice walking!
Victoria Beckham