Copper remains pressurized. Again, the main reason lies in market sentiment with respect to commodities. In particular, negative added fears of further slowdown in the Chinese economy. In particular, the latest data on industrial production reflected the slowdown to 6% per annum against 6.8% a month earlier. This can cause a decrease in demand for copper as the Celestial Empire is one of the world’s largest consumer of red metal. Today’s data PMI Caixin in the industrial sector also signaled a continued cooling in the sector (47.1 against 47.8 a month earlier).
In the district level 2.2650 quotes to form a support. His breakthrough could be a good signal for the resumption of sales of metal. With the passage of this mark the number of short positions may increase dramatically, which will send a quotation on down to the nearest target at 2.1900.
|Copper futures chart|
Copper HG) – sell copper – Entry price: 2,2650. Goal: 2,1900. Stop loss: 2,3300.