Copper Remains Bearish TrendPosted 02/04/2019 11:24AM CT |
Copper for March delivery has come off a test of 2.80 despite a strong payroll number on Friday with the weekly Shanghai copper warehouse stocks showing an increase of 23,000 tons, as well as further weakness in Chinese factory data. This comes amidst ongoing concerns involving global and Chinese growth, faltering demand, and continuing U.S. and China trade talks. Chile noted an increase in supply with indications showing that copper production rose 4.3% last month in comparison to year ago levels which contributes to bearish supply side news. Copper is immediate term overbought and remains bearish trend with the range seen between 2.80 and 2.60. The industrial metal is vulnerable to a retest of 2.70 with the next level of support coming in around 2.76 and 2.74.
Copper Mar ’19 Daily Chart