OJ, Copper and CPI + Levels for May 15th

Juice on the Loose!

by John Thorpe, Senior Broker

Monthly World Agricultural Supply Demand reports aren’t just for Corn, Soybeans and Wheat futures. Friday we had that monthly number and as you can see, the anticipation in the Orange Juice market the day before Created a Gap on the price charts from $3.83 to $3.85 Orange Juice Futures have gone limit

For the past two days. 10 cents per 37,500 lbs on Monday and expanded limits today for an additional 20 cents or $7500.00 per contract. On Friday, WASDE reported a reduction of domestic production by 1 million Boxes of Oranges. A note about Gaps: The adage that all gaps eventually get filled might not always hold true, especially in the case of Breakaway and Runaway gaps. Waiting for breakout or runaway gaps to be filled can cripple your portfolio. This appears to be a bullish ,Breakaway Gap.

Holy Hot Wire Batman!

It seems there isn’t any copper to be found in Gotham, or is there?

The High Grade Copper market Jumped in the wake of a WSJ story titled Why the World has Gone Cuckoo for Copper  Court entanglements with the Panamanian Cobre Mine, in addition to UAE, Saudi Arabia, Japan and the U.S. Vying for majority stakes of a large Zambian mining operation pushed The prices at the COMEX for the July Copper contract Rallied to an all time high of $5.0260 above the march 2022 High of 4.9375, However it looks like we are going to close a shade below that around the 4.88 area today. Watch this market.

Hot report for tomorrow

One of the most meaningful economic Data sets for FED decision makers , US April consumer price index (CPI) data will be released tomorrow pre-market and is forecast by analysts to be +0.4% month-to-month, compared to the previous month’s +0.4%. Core CPI on monthly terms is expected +0.3% in April compared to the prior month’s +0.4%.    CPI on annualized terms is forecast up +3.4% from the year ago, the core year-over-year figure is expected up +3.6%.

Day trading margins for the Equity products will, rightfully so, be increased in advance of potentially violent market reactions and will typically be returned to normal within 15 to 30 minutes following the release. Some , not all FCM’s

If you are a day trader, below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side.

Questions? We are happy to help!

Daily Levels for May 15th, 2024

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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.