Washout in Copper Futures Continues

August 15, 2018 12:32PM CDT

Copper continues the range down washout, down .115 or 4.29% on the day, trading at 2.567. This comes amid bearish supply/demand news as well as the extension of wage negotiations at the Escondida mine in Chile. Chinese industrial production and retail sales came in softer than expected yesterday while stronger Chinese House prices were released in the overnight. Chinese demand continues to be weaker amid the ongoing trade conflict. The industrial metal has fallen to oversold levels and is poised to enter bear market territory falling to over a yearly low, which may be sign of an impending global economic slowdown. 

Copper Sep '18 Daily Chart

Copper Sep '18 Daily Chart

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