Copper Falls to Yearly LowPosted 07/02/2018 10:13AM CT |
Copper continues to fall for the fourth consecutive session down 0.0295 or 0.9925%, trading at a yearly low of 2.9365. This comes amid an ongoing trade threat with China as well as concerns about Chinese economic growth. The release of recent weak Chinese economic data provided signs of slowing growth with Chinese power grid investment and property completions dropping 21% and 10% in May respectively. Possible concerns about supply disruptions have tempered with wage negotiations at the BHP Billiton copper mine at Escondida progressing well. Concerns about additional tariffs remain at the forefront with fears of the subsequent impact on Chinese demand. Copper is extremely oversold with possible exhaustion in the near term with a further downside target of 2.90. Resistance comes in around 2.98 and 3.01.
Copper Sep ’18 Daily Chart