(Z2) Maintains A Softer Tone

• 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.