Copper is still feeling the pressure of the heart. Still, one of the key factors that have a negative impact are expectations the US Federal Reserve rate hike in December 2016. The probability of such an outcome, according to the positions of futures rate is 73.6%. In addition, the market is still laid low demand for industrial metals (particularly from China, which accounts for about 45% of world consumption). Recent data on the supply and demand of copper, published November 20 also signaled that in the reporting period (August 2015), recorded net supply of the metal. All of this does not add optimism.
Quotes of the metal fell to a minimum of 6.5 years. At the level of 2.0000 is the psychological support level, which has already once kept falling. If it is overcome, the sale of copper can only be accelerated, leading to a further drop in prices of the metal in the area of 1.9270 level. In addition, and in the afternoon, and in the intraday price charts are kept below the 50-interval moving average, which also favors the fall.
COPPER FUTURES (HG) – sell copper – Entry price: 2,0000. Goal: 1,9270. Stop loss: 2,0629.
Warning: Profitability in the past does not mean profitability in the future. Any projections are for information only and does not guarantee a result.