Zastrzeżenie: Kontrakty CFD są złożonymi instrumentami i wiążą się z wysokim ryzykiem szybkiej utraty pieniędzy z powodu dźwigni.
Powinieneś rozważyć, czy rozumiesz, jak działają kontrakty CFD i czy możesz sobie pozwolić na wysokie ryzyko utraty pieniędzy.
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Copper
Industrial metal traded on the London Metal Exchange, COMEX, and the Shanghai Futures Exchange. The top markets are construction, manufacturing, and the energy transition, which includes wiring, plumbing, electric motors, and transformers. Copper is a direct long on the electric vehicle theme as each EV requires about four times the copper of a combustion engine car.
Copper demand has a close correlation with industrial activity, notably in China, which accounts for more than half of global consumption, making the metal a leading indicator of the world’s economic health. If copper prices are rising, then the demand of the industry is increasing; if copper prices fall, then the expectations of the industry’s growth are falling. This relationship gave it the nickname “Dr Copper.”
Together, Chile and Peru account for about 40% of worldwide production.
Example: Copper prices rise on news from a major Chilean copper producer that it is cutting output because of a labour dispute, as China reports robust industrial orders data. The supply shock and demand signal are coming in the same week for traders of copper futures and copper mining stocks.
Copper/Gold Ratio
The ratio of the price of copper to the price of gold. The ratio indicates the market’s relative hunger for growth and marks its safety. Copper is an industrial metal, and gold is a safe-haven store of value.
If the ratio rises, it indicates that copper is outpacing the price of gold, the market is discounting higher growth and risk appetite for copper. A falling ratio indicates that gold is outperforming, safety is being pursued rather than growth. Others rely on the ratio as an indicator of longer-term bond rates and cite that the same risk-on/risk-off effect that governs the ratio governs rate expectations.
There are also equity applications to the ratio, with a higher copper/gold ratio historically meaning the cyclical stocks had outperformed the defensive stocks.
Example: The copper/gold ratio extends to a multi-month high, with copper on the upside as China’s manufacturing data is strong and gold on the downside as fears of recession fizzle out. The macro side reads the signal as a buy signal for cyclical equity exposure, because it is confirming the improving global growth backdrop in a number of asset classes.
Copy trading
The act of mirroring another trader’s real-time trades, reducing the need to actively observe the market and make trading decisions.
Core PCE Price Index
The Federal Reserve’s preferred inflation measure. The Personal Consumption Expenditures price index measures prices of goods and services that U.S. households buy. The “core” version filters out food and energy prices, including those that change seasonally, and shows the underlying inflation trend that the Fed is monitoring.
PCE is different from the more widely publicised CPI in key respects. PCE weights are automatically adjusted to reflect the actual spending pattern, taking into account consumer substitution behaviour. It also accounts for a larger pool of spending, such as employer and insurer payments for healthcare on consumers’ behalf. Although CPI has more headlines, the Fed’s 2% target is measured in PCE terms, and core PCE is the closest measure of the Fed’s targeting within the consumer sector.
Example: Core PCE is up from the previous month, but still above the Fed’s 2% target. The bond market rallies a bit and sees the slowdown as progress. In future speeches, Fed officials refer to the number as proof that policies are effective, but not to imply the onset of rate reductions at this point, until the pattern is more solidly in place toward the target.
Corn
The world’s most produced grain and a cornerstone of global agricultural markets. It was typically traded on the Chicago Board of Trade (CBOT) under the symbol ZC. Consumed as animal feed (most important use), ethanol, food for humans, and industrial use, such as starch and sweeteners.
The U.S. is the world’s biggest producer and exporter. Other major exporters are Brazil and Argentina. Corn is widely substituted for other grains for animal feed rations and, as such, is closely tied to wheat and soybeans as feed buyers adjust to a price increase.
The short-term price driver is weather. Supply estimates can change significantly from year to year in the US Corn Belt, depending on planting conditions, summer heat, and harvest. The crop reports released by the U.S. Department of Agriculture are the most market-moving scheduled reports for grain traders.
Example: Droughts over the US Midwest during the pollination time period sharply reduce yield forecasts. Corn prices jump on the USDA report confirming the damage. With the escalating price of feed, livestock producers start to hedge future feed purchases immediately at the CBOT futures market, which adds to the already high price.
Corporate action
Any matter initiated by a company that has a material effect on its securities: dividends, stock splits, rights issues, mergers and acquisitions, spin-offs, buybacks, name changes, delistings, all corporate actions. They can be as ordinary as a quarterly dividend or as transformational as a merger that changes the entire shareholder base.
There are two very different reasons why corporate actions matter to traders and investors. First, the economic impact. A stock split does not change the value of the company. But it does cut the share price in half, doubling the number of shares overnight. This affects options pricing, index weights and margin calculations. Second, the deadline pressure. Many corporate actions require that shareholder decisions be made by a certain record date, which creates concentrated buying or selling pressure as that date approaches.
Brokers have to tell clients about corporate actions that affect their holdings, and in the case of voluntary actions, collect client elections, whether to take a dividend in cash or shares, whether or not to take part in a rights issue, and so on.
Example: A company announces a 4-for-1 stock split. A shareholder who had 100 shares at $400 is now the owner of 400 shares at $100. The total value doesn’t change. But the lower nominal price attracts a new group of retail buyers who found $400 prohibitive, and options market makers have to reprice every contract on the stock overnight to reflect the new structure.
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