December 12, 2018
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.
Index Code : HG – Copper Futures
Current Price : 2.7705
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