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Copper Price Fell to Nearly Two-Week Low on Renewed Concerns about Weaker Demand

Copper price fell further on Monday, extending pullback from last week’s recovery high ($2.3929) into third straight day. Future contract for July’s delivery fell to the lowest in nearly two weeks ($2.2828) on Monday, but stays for now above cracked initial support at $2.2834 (Fibo 23.6% of $1.9711/$2.3929) and more...

Tying it All Together with Copper

Copper is often referred to as “Dr Copper”,  as it is often viewed as a gauge of world economic health.  The price of copper has turned higher recently, as it is often correlated with the stock prices and commodity currencies, such as AUD/USD.  We have discussed recently how it...

Copper Futures Maintain Negative Outlook Despite Pullback

Copper futures’ bullish correction from the 45-month low of 1.9684 appears to have lost steam as it approaches the restrictive trend line drawn from the 8½-month peak of 2.8819. Further suggesting that positive momentum is wavering is the RSI that has dipped back below its neutral 50 mark and...

Copper Futures on Sidelines Move in Ascending Triangle

Copper futures with delivery on May have been trading within an ascending triangle over the last couple of weeks, with strong resistance at the 2.2345 barrier. The short-term moving averages lines are flattening near the 38.2% Fibonacci retracement level of the negative movement from 2.5268 to 1.9683 at 2.1815. Technically, the MACD, holding...

Copper Futures 2-Week Pullback from the Low Loses Steam

Copper futures new found selling is currently faced with support from the 2.5780 level – which is the 23.6% Fibonacci retracement of the down leg from 2.8819 to 2.4839 – and the 100-period simple moving average (SMA) barely beneath, at 2.5740. Looking at the short-term oscillators, negative momentum appears to...

Week Ahead: Have We Seen the Top in Coronavirus Cases?

Next week will be a pivotal week in terms of discovering if the rate of increase has topped on the number of newly discovered Coronavirus cases.  China’s National Health Commission said that as of Thursday, the total infection number was 31,161 and the total number of deaths was 636. ...

Copper Strong Sell-Off Towards 4-Month Low

Copper with delivery in March 2020 is looking strongly bearish in the short-term after plunging below the eight-month high of 2.8825 on January 16. Prices hit a four-month low of 2.5115 and the technical indicators are all pointing to further negative momentum in the near term. The RSI is also...

Dr. Copper Is Sick

As with any asset, when the price is higher, there is more demand. When the price is lower, there is less demand. Copper is used in many manufacturing products such as wire, tubing, industrial equipment, and plumbing. When the price is high (demand is high), the world economy is...

Copper Futures Unlock 8-Month High; Positive Momentum Increases

Copper futures for March delivery stretched their rally to a fresh eight-month peak of 2.8794 earlier today, exiting from the squeeze Bollinger Band. The near-term bias is looking bullish as the RSI is heading upwards near the 70 level, while the MACD surpassed its red trigger line, remaining in the positive...

Copper Gearing Up For Potential Break Out

Following Donald Trump's speech on Wednesday, crude oil and gold both fell after the US President made no mention of military action against Iran and called for peace and negotiations. While these commodities fell, the more risk-sensitive copper rallied along with stocks. The base metal has been trending higher...

Elliott Wave View: Copper Rallying As An Impulse

Short-term Elliott Wave view in Copper (HG_F) suggests that the metal is rallying as a 5 waves Elliott wave impulsive structure from November 15, 2019 low. Up from there, wave ((i)) ended at 2.69, and wave ((ii) pullback ended at 2.619. Subdivision of wave ((ii)) unfolded as a double...

Copper Futures Resume Positive Outlook; Buyers Unable to Breach 2.7015 Resistance

Copper futures are attempting to push back up to retest the 2.7015 resistance from the high of September 16, which halted gains from the bounce off the 200-period simple moving average (SMA). Aiding the positive view are the 50- and 100-period SMAs that have held above the 200-period SMA and...

Metals Galore: Gold, Silver, Copper, Platinum and Palladium All Breaking Higher

I will let the charts do the talking, but metal prices have been pushing higher in recent days and today gold finally joined the fun as it broke key resistance in the $1495 area. It needs to hold above here on a daily closing basis if we are to...

Copper Testing Key Support

Following this morning’s publication of poor manufacturing data from Germany, copper was among the markets that fell as investors worried about a recession in Europe’s largest economy. But with US-China high level trade talks set to resume in October, it remains to be seen whether investors will continue to...

Daily Markets Broadcast

Markets retreat, awaiting response to Saudi attack Wall Street fell yesterday in the aftermath of the weekend attack on Saudi Arabia's biggest oil processing facility, raising geopolitical tensions. There seems to be little progress in Brexit talks between Johnson and Juncker. Copper falls on weak China data. US30USD Daily Chart The US30...

Elliott Wave View: Copper Expected To Turn Lower Soon

Short Term Elliott Wave structure in Copper suggests the rally to $2.64 ended wave (2). The metal has since resumed lower in wave (3). The internal of the move lower is unfolding as an impulse Elliott Wave structure. Down from 2.64, wave ((i)) ended at $2.578, wave ((ii)) ended...

Copper Futures Stretch To New 2-Year Lows, Bears To Keep Pressure

Copper futures for December delivery softened under a well-established support area of 2.5300 (since 2017), extending the downward pattern to a new two-year low of 2.4952. Technically, the market could stay under pressure in the short-term as long as the MACD holds in negative area and under its red signal...

Copper Futures Fail to Close Below 2.54; Move Back Sideways

Copper futures were unable to close below the 2.54 hurdle, and the bulls logged gains, sending the metal back into the neutral sideways market that has lasted for three months. The momentum indicators suggest the short-term negative trend is weakening. The MACD has started to turn up in the negative...

Commodities Weekly: Metals Pressured By Fed Uncertainty

The strong US payroll report for June raised doubts about the Fed’s easing outlook, boosting the dollar to multi-week highs to the detriment of precious and industrial metals. Precious metals GOLD is back below the $1,400 handle again after the strong nonfarm payroll data on Friday suggested the US economy might...

Copper Futures Attempt to Break above Descending Channel

Copper futures for July delivery have unsuccessfully attempted to pierce the upper boundary of the one-month old descending channel (2.695) on Tuesday. The positive momentum in the MACD signals that upside pressures may return in the short-term, but the price may first need to crawl comfortably above 2.711, the 61.8%...

Copper on Track for Biggest Monthly Fall Since Jan 2015

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...

Copper Futures Records New Low; Bias Still Bearish

Copper futures with delivery on July 2019 are declining with strong momentum over the last three days below the 20- and 40-simple moving averages (SMAs) in the daily timeframe and recording a four-month low of 2.6260 today. The technical indicators are remaining in the bearish territory, with the RSI...

Copper Outlook: Bears Accelerate on Fresh Threats of Escalation of Trade War

Copper price slumped on Wednesday (down 1.43% since Asian opening and ahead of US session). The metal extends weakness into second straight day on threats of escalation of US/China trade conflict that would hurt economic growth and reduced demand. Fresh negative signals on China's threats to use rare earth...

Copper Futures Record 4-Month Low, Bears Have Control

Copper futures with delivery on July 2019 are falling below the 20- and 40-simple moving averages (SMAs) in the daily chart. Moreover, the technical indicators remain in bearish territory, with the RSI sloping down in oversold zone and the MACD oscillator is still endorsing the bearish view as it...

Expecting Limited Price Impact of Trump’s Sanctions on Iran Metal Sector

One year after US withdrawal from the Iran nuclear deal, Donald Trump has signed an executive order to impose sanction on Iran’s base metal sector. The sanction covers iron, steel, aluminum and copper. While the move might further cripple the Middle East country’s economic growth, its impact on the...

Copper Outlook: Bears Probe Again through Key 200SMA Support

Copper price falls further on Wednesday and probes through key 200SMA support ($2.7741), which held the action of past four days. The metal trades within larger downtrend from $2.9933 (17 Apr high) which so far retraced 50% of $2.5420/$2.9933 rally and came under increased pressure from concerns of escalation of...

Copper Breaks Out On Stronger Chinese Data

We have had a number of major economic news out today, overall showing weak inflationary pressures but there was good news from China. The stock markets, copper prices and yuan have all responded well to news China’s economy expanded by a slightly better-than-expected margin in the first quarter of...

Copper’s Failed Break Could See Further Downside

We had higher hopes for copper after it broke out of its multi-month range. Yet, having failed its quest to hold above key support and trade back within range, bearish ears have perked. The break back below $2.87 has effectively invalidated a longer-term double bottom pattern, marking it as a...

Copper Outlook: Copper Eases From Seven-Month High On Stronger Dollar

Copper price eases from new seven-month high at $2.9235, posted on Wednesday, as dollar firmed after Fed minutes on revived hopes of possible rate hike in 2019. Profit taking after steep four-day rally and overbought daily studies could spark corrective action after bulls stalled on approach to important barriers at...

Commodities Outlook 2019: Will Precious Metals Shine?

The commodities complex had a particularly volatile run in 2018, with flaring trade tensions, mounting concerns around slowing global growth, and a stronger US dollar being behind the abysmal performance of most commodities. In 2019, the outlook will hinge mainly on how the trade dispute plays out, with precious...