Free Trial

(U1) Negative Outlook Despite Bounce

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: $437.15 @ 12:26 BST Aug 13
  • 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 extend the modest recovery off the Monday lows, but the bounce has - so far - been insufficient to switch the outlook more positive. 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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.