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Based on Thursday’s close at $3.1230 and the price action, the direction of the copper market on Friday is likely to be determined by trader reaction to the Fib level at $3.1020.
In 1933, the COMEX was established through the merger of four smaller exchanges; the National Metal Exchange, the Rubber Exchange of New York, the National Raw Silk Exchange, and the New York Hide Exchange. Through the 1970s, 80's and 90's COMEX, NYMEX, and other exchanges shared a single trading floor [6] in 4 World Trade Center.
On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX. CME, CBOT, NYMEX, and COMEX are now markets owned by CME Group. After the merger, the value of the CME quadrupled in a two-year span, with a market cap of over $25 billion. [2]
Based on Wednesday’s price action, the direction of the July Comex High Grade Copper market is likely to be determined by trader reaction to the main Fibonacci level at $3.0575.
In 1934, the U.S. Bureau of Labor Statistics began the computation of a daily Commodity price index that became available to the public in 1940. By 1952, the Bureau of Labor Statistics issued a Spot Market Price Index that measured the price movements of "22 sensitive basic commodities whose markets are presumed to be among the first to be influenced by changes in economic conditions.
"But I go back to the 2000s, I was bullish on oil then as I am on copper today," he added, recalling that crude shot up from $20 to $140 per barrel at the time. "So the upside on copper here is ...
President George W. Bush at the CME on March 6, 2001. CME Group Inc. is a financial services company. Headquartered in Chicago, the company operates financial derivatives exchanges including the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, and The Commodity Exchange.
U.S. stocks had yet another losing session Monday, as the S&P 500 hit a new 2022 closing low and the Dow Jones Industrial Average's decline put the index officially into a bear market.