Copper after a long decline beginning of an upward correction. While talking about scrapping the long-term downward trend for no reason. But wait for further growth in the short term, it is possible. First, concerns about a sharp slowdown in China‘s economy, which is the world’s largest consumer of the red metal, somewhat subsided. Secondly, during the last three months recorded a net demand for the metal. And this trend may continue, taking into account the recent events in Chile. There was a strong earthquake, which could lead to a reduction in the supply of copper from this country, which is one of the largest manufacturers. In such conditions create good preconditions for the growth of quotations of the red metal.
In the district level 2.4295 quotes to form a support. Given folding the fundamental trends in the approach to this mark can be activated the “bulls” that will strengthen the demand for the metal, returning it to the area of 2.4838 recent highs. In addition, quotes asset anchored above the 50-day moving average, which also indicates the potential for growth.
Copper futures chart
Warning: Profitability in the past does not mean profitability in the future. Any projections are for information only and does not guarantee a result.