RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

This week September copper continues the sideways action seen towards the end of last week. The copper market has seen some sideways consolidation, trading between 2.7445 and 2.7995. The market has seen a potential slowing of the downward trend with US and China trade tensions easing out of the headlines. The driving force still seems to be increased supply with higher Chilean production and Russian exports and decreased demand due to trade war concerns and weak Chinese economic prospects. Momentum studies have shown the copper market continues to be at oversold levels which should support a move higher if we can see a close over resistance, but that has yet to happen. A close above resistance at 2.8290 is needed to reverse the trend back to the upside. Resistance comes in at 2.80 with support at 2.7420 and 2.7170. Looking at a weekly chart, a break of the recent low looks to continue the trend lower to 2.6360.

Copper Sep ’18 Daily Chart

Copper Sep '18 Daily Chart

800-826-2270312-373-5099Series 3 Licensed

Tyler Herrmann

Senior Market Strategist
Tyler attended Kansas State University where he majored in Agricultural Economics. He started his career in the futures industry with an IB in North East Kansas where he worked with farmers and cattleman to hedge their risk in the market and protect profits with a variety of futures and options strategies. Most recently Tyler has joined RJO Futures as a market strategist.
Read More