A drop in prices of copper futures until restrained level 2.6453. However, red metal may continue to decline. There are several reasons. According to recent reports, China‘s economy shows cooling. The annual ratio in Q1 2015 GDP grew by only 7% after rising 7.3% in Q4 2014. In terms of nominal GDP, and here there is a slowdown in the 1st quarter of 2015 from 18.93 % to + 9.71%.
In addition worth considering easing of monetary policy. We should not forget that Chile and Peru have increased copper production by 190 thousand tons, thereby increasing the surplus metal that currently remains untapped.
|Copper futures chart|
Support and resistance levels
Support 1 2,6453
Support 2 2,6022
Current price: 2,6845
Resistance 1 2,7026
Resistance 2 2,7563
Copper futures (HG) – sell copper – Sales down in the breakdown level 2.6453. The goal – 2.6022. Stop-Loss = 2,6749
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes only and do not guarantee the results obtained.