Copper remains heavy on Friday and hits lowest levels since mid-January, pressured by rising concerns about spreading and escalation of trade war which threats to reduce global demand for the metal. Fresh extension lower pressures key support at $2.6250 (200WMA), violation of which would expose multi-month lows at $2.5510/$2.5420 (30 Dec / 12 July 2018). Metal is on track for the seventh straight weekly close in red and also for the biggest monthly fall (approx. 9%) since Jan 2015 that weighs strongly. Bears may take a brief breather above 200WMA as studies are oversold and the price is gaining positive momentum, however, limited upticks are expected to stay below falling daily 10SMA and offer better selling opportunities.
Res: 2.6545; 2.6740; 2.6861; 2.7000
Sup: 2.6285; 2.6250; 2.6155; 2.6000