Copper remains pressurized. In favor of further reduce red metal show several factors. As one of them are the market sentiment: commodities at this stage is clearly not in demand. This week, the pressure on the red metal may increase after the publication of data on industrial production in China, which is the world’s largest consumer of copper. Indeed, the decline in industrial production will be another signal of a slowing of the economy of China, which will strengthen the fear of falling demand for the metal.
In the district level 2.3590 quotes formed intermediate resistance. In the short term, this barrier can be a good starting point for the resumption of sales of metal. Subject to rebound from it, bears can be activated with a new force that will send a quotation on down to the nearest target at 2.3213.
Copper (HG) – sell copper – Entry price: 2,3590. Goal: 2,3213. Stop loss: 2,3923.
Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and does not guarantee a result.