COPPER futures: China continues to put pressure on prices

By | June 19, 2015

Copper futures remains pressurized. The benefit of further reducing suggest several factors. In particular, one of them is the revision of the forecast for a fall in the rate of global economic growth in 2015 from the World Bank (up to 2.8% from 3.0%). Furthermore, it remains stable enough and the situation in China. The fall in GDP in Q1 to 7% from 7.3%, not likely to last as indicated by the leading indicators. A Celestial Empire, is known to be a major consumer of the red metal.

The area was marked 2.60 level is strong enough to support and the fact that prices were able to overcome this barrier already gives reason to expect further decline. But on the way down there is another intermediate level of 2.5419, which at the time could contain drop. Therefore, short positions should be considered after the break.

copper chart
Copper chart
 Trading analytics
Copper futures (HG)   –    sell copper  –   Entry price: 2,5400. Goal: 2,4568. Stop loss: 2,6000. 
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and do not guarantee the results obtained. 
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