Copper coming into resistance where buyers may come under pressure

Commodity Review Copper

HG – Copper Futures

Copper is a market with interest at current levels and we have seen key support at 2.5590 hold (even though price got a little lower than we originally expected). We like the fundamentals for supply and demand and will expect price appreciation from the demand side increasing. On top of that, we are awaiting for further news on trade between China and the US which, if they come to an agreement, may see Copper go on a run higher as China re-enter the action. Watching now for a minor long squeeze and correction lower but will be watching closely how price reacts around key resistance at 2.8630. Ideally, for higher levels longer term, we would love to see a washout of the level followed by corrective action to build the higher low and drag in fresh buyers.

https://uk.reuters.com/article/uk-metals-copper-ahome/commentary-copper-smelter-hits-cause-physical-squeeze-in-asia-idUKKCN1MQ239


Index Code : HG – Copper Futures

Current Price : 2.8260

Copper Futures Pricing

Previous Alert 12/12/18

Commodity Review Copper

HG – Copper Futures

Copper has been hovering below key resistance levels around 2.863 since July as the trade war continues between the US and China. Physical supplies in Asia have dropped on the Shanghai Futures exchange along with drops on other major exchanges LME and Comex. This supply crunch is expected to support prices in the longer term but the short term weight on price is still firm. We can see from the Daily futures chart the price has held higher lows since August pushing up to resistance at 2.863 in Sept, Oct and again in Dec. The recent spike was on trade war news so we expect to see further spikes on further positives news that steps are being taken by China and the US to sort out their differences. If price can pop its head above the resistance zone, we expect to see further buying pressure enter the market to lift price which would have positive flow on affects to stocks.

https://uk.reuters.com/article/uk-metals-copper-ahome/commentary-copper-smelter-hits-cause-physical-squeeze-in-asia-idUKKCN1MQ239


Index Code : HG – Copper Futures

Current Price : 2.7705

Copper Futures Price