Metals

Copper Stuck in a Range

Posted 09/14/2018 7:44AM CTPhillip Streible

With all the rhetoric between China-U.S. trade talks, it seems the market has been indecisive of what direction it wants to take since mid August, with prices staying in a range from a high of 2.7455 to a low of 2.5520.  On Thursday, Beijing, being the world’s largest commodity consumer, announced it would welcome the opportunity to renew trade talks with the U.S. This may lend some support for copper and other metals, as we have recently broken a downward trendline with a strong rally on Wednesday. If prices hold up above the 2.66 area, it may be a good level to bounce from. Also, with Thursday’s close of 2.6765, we have support at 2.62 and expect a move towards 2.74-2.75 level which is where we have resistance on this bullish bias in the near to medium term.

Copper Dec ’18 Daily Chart

Copper Dec '18 Daily Chart

Phillip Streible

Early in his career Phillip began trading his own account as a screen trader focusing on the metals, grains and stock indices. He then became a Series 7 licensed financial consultant with A.G. Edwards. Later, he expanded his trading experience into a Series 3 licensed commodity broker with Investment Analysis Group. Most recently he was a senior market strategist at MF Global before joining RJO Futures in October 2011 as a senior commodities broker. As a senior commodities broker his goal is to show clients how to anticipate, recognize and react to bull and bear market conditions through the use of technical analysis techniques that help them to define risk.