U.S. stock futures tumbled on Thursday and Asian markets followed after Canadian authorities arrested a top executive of Chinese tech giant Huawei Technologies, fanning fears of further tensions between China and the United States. MKTS/GLOB The dollar, which has enjoyed an unrivaled surge against its peers this year, will be undermined in 2019 on increasing concerns about slowing U.S. economic growth, a Reuters poll of foreign exchange strategists showed.
London copper rebounded to close at $6,193.5/mt overnight as shorts cut their bets after the contract fell to a low of $6,158.5/mt. LME copper snapped a four-day losing streak and came under pressure at the five- and 10-day moving averages. With a lower open, the SHFE 1902 contract fluctuated to close at 49,310 yuan/mt overnight. This lowered it below all short-term moving averages and the middle Bollinger band. Open interest for the SHFE copper complex decreased below 500,000 lots, reflecting limited confidence among investors.
Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.
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