Further weakness in the copper market continued today amidst softer than expected Chinese import data, the ongoing U.S.- China trade dispute as well as a firm U.S. dollar. Shanghai exchange copper stocks fell for the sixth straight week on Friday. Concerns remain involving global growth as well as Chinese demand, despite LME copper stocks continuing to decline. Copper remains bearish trend and has traded in a sideways consolidation range for the last six months between 2.60 and 2.90. Near-term support comes in around Thursdays low of 2.7080 with the next upside target around 2.76 and 2.78 respectively.

Copper Mar ’19 Daily Chart

Copper Mar '19 Daily Chart

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Alex Turro

Senior Market Strategist

Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.

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