Good morning lads and lassies. It looks like copper has exploded to the upside, further entrenching the notion that new environmental laws in China are starting to crimp supply, causing prices to rise. We saw this on Friday with iron ore and steel, and now this morning with copper.
Copper is higher by 2.8% n early trade. WTI, also notable, higher by 1.3%.
Stocks are flat in Europe, with the Eurostoxx50 down by 0.06%. We’re expecting a slightly higher open here — with Nasdaq futs +12.
Over in China, the morons are holding a once every 5 years meeting to choose new communist bastard leaders. This will likely lead to stronger than expected growth out of the dog eating nation — due to thieves lying and cheating to make themselves look good in an effort to make a lasting first impression.
This from CNBC:
In short, it’s a meeting to vote on the leadership of the Communist Party of China. Held every five years, the event’s duration is not officially reported, but the last Congress ran over eight days.
About 370 full and alternate members of the party’s elite Central Committee will be elected at the Congress. Full members have voting rights and they all come from a pre-selected pool of candidates.
They are chosen by 2,287 delegates from diverse backgrounds and groups. Among them are farmers, professionals and academics.
Those participants have been pre-screened and are deemed to have “unshakable belief,” “correct political stance” and “good moral quality,” among others, according to state-owned China Daily. The Chinese Communist Party boasts a membership of 89 million.
At its first session, the new Central Committee will elect about 25 members of the powerful Politburo
The Politburo will then choose members of its Standing Committee, China’s top leaders. The group — now headed by President Xi Jinping, who is general secretary of the Communist Party — will be unveiled a day after the first Central Committee session.
Here are some other headlines that caught my attention.
VHC: VirnetX Holding +11% in early trading after reportedly being awarded $344 mln from Apple (AAPL) dispute
AAPL: Apple upgraded to Overweight from Sector Weight at Pacific Crest; tgt $187
ADBE: Adobe Systems downgraded to Hold from Buy at Deutsche Bank
C: Citigroup downgraded to Sell from Hold at Societe Generale
BAC: Bank of America target raised to $28 at RBC Capital Mkts