Free Trial

(Z2) Maintains A Softer Tone

COPPER TECHS
  • RES 4: $447.45 - High Jun 7
  • RES 3: $424.50 - High Jun 16
  • RES 2: $405.70 - Low May 12
  • RES 1: $378.35 - High Aug 26 and the bull trigger
  • PRICE: $331.45 @ 13:18 BST Sep 26
  • SUP 1: $327.40 - Intraday low
  • SUP 2: $313.55 - Low Jul 15 and the bear trigger
  • SUP 3: $300.00 - Psychological round number
  • SUP 4: $279.40 - 2.00 proj of the Mar 7 - May 12 - Jun 3 price swing

Copper futures remain below recent highs and the contract is weaker again today. Key short-term resistance to watch is $378.35, the Aug 26 high. A break of this level would cancel a bearish theme and also highlight an important short-term bullish break. This would open $405.70, the May 12 low. Key support at $336.10, the Sep 6 low, has been breached. The break strengthens the bearish case and has exposed $313.55, the Jul 15 low.

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.