Copper continues the range down washout, down .115 or 4.29% on the day, trading at 2.567. This comes amid bearish supply/demand news as well as the extension of wage negotiations at the Escondida mine in Chile. Chinese industrial production and retail sales came in softer than expected yesterday while stronger Chinese House prices were released in the overnight. Chinese demand continues to be weaker amid the ongoing trade conflict. The industrial metal has fallen to oversold levels and is poised to enter bear market territory falling to over a yearly low, which may be sign of an impending global economic slowdown. 

Copper Sep ’18 Daily Chart

Copper Sep '18 Daily Chart

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Alex Turro

Senior Market Strategist

Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.

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