During the last three days, copper remains under pressure. Negative sentiment about the prospects for the metal added the latest data from China. Despite the fact that China‘s GDP came out slightly better than expected, slowing growth continues. Naturally, this speaker is a new wave of concerns about the demand for this metal, as China accounts for about 45% of world consumption. The published figures are partly offset by the effect of the earlier information that companies such as Glencore PLC and Freeport-McMoRan Inc. announced production cuts, which can help to reduce oversupply in the world market.
In the district level 2.32905 quotes formed a support. If this hurdle is passed, may reactivate the “bears” that will accelerate the reduction of quotations metal. In addition, the intraday price charts below 50 already fixed – interval moving average, which gives grounds to speak about the possibility of further decline in the short term.