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(U1) Outlook Deteriorate Further

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: $432.00 @ 12:21 BST Aug 05
  • SUP 1: $430.55 - Low Aug 03
  • 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 are edging lower, with prices edging through the previous support of 440.25, prompting a deterioration in the outlook. This opens losses toward 414.32, the major trendline drawn off the Mar 19 2020 low. Upside targets sit at the $471.10, Jun 1 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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