Copper Continues to SlidePosted 12/11/2018 7:27AM CT |
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