The copper market started the week lower, with September closing down 0.0155 on the day, but 0.0290 off the lows of the day. Copper, along with the other metals, are facing pressure with the US threatening a ten percent tariff on $200 billion in Chinese goods in response to Chinese retaliation tariffs. Continuing trade tensions coupled with concerns on Chinese copper demand have been driving the market lower. The recent short-term trend lower looks to continue as the market searches for support after failing at resistance of 3.3230. September copper continued lower to start Tuesday’s session, completely offsetting the gain we saw at the start of June. Support comes in at 3.0705 and 3.0015 with resistance at 3.1590 and 3.2240. Look for the copper market to continue lower as tariff talks and trade tensions remain the driving force as it searches for support.
Copper Sep ’18 Daily Chart