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(U1) Just Off Last Week's Lows

COPPER TECHS
  • RES 4: $488.40 - High May 10 and the bull trigger
  • RES 3: $478.55 - High May 18
  • RES 2: $471.10 - High Jun 1
  • RES 1: $462.75 - High Jul 27
  • PRICE: $439.15 @ 12:26 BST Aug 12
  • SUP 1: $424.35 - Low Aug 09
  • SUP 2: $414.32 - Major trendline drawn from Mar 19, 2020 low (cont)
  • SUP 3: $409.40 - Low Jun 21 and key support
  • SUP 4: $400.00 - Low Apr 12

Copper futures traded under pressure Monday, slipping through last week's lows of 430.55. This keeps the outlook negative for now, despite the modest recovery over the past few sessions. Prices edged through the previous support of 440.25, initiating the downside bias, with scope for further weakness into 414.32, the major trendline drawn off the Mar 19 2020 low. Upside targets sit at the $471.10, Jun 1 high.

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