Copper Futures---Copper futures in the July contract is currently trading lower by 140 points at 2.7120 a pound hitting a 15 week low as the trade war with China continues to hamper prices here in the short term.
I have been recommending a bearish position from around the 2.8240 level and if you took the trade the stop loss has now been lowered to 2.970 as the chart structure will also improve in 2 trading days therefor the monetary risk will be lowered once again.
Copper prices are right near major support between 2.65/ 2.69 and if that is broken as I've talked about in many previous blogs I think prices test the January 3rd contract low of 2.56 as weak demand continues to put pressure on prices.
Copper is trading far below its 20 & 100 day moving average as clearly the trend is lower coupled with the fact that the downtrend line remains intact so continue to play this to the downside. I will be looking at adding more contracts possibly in next week's trade as the commodity markets remain weak in my opinion except for a select few as that is due to adverse weather conditions.
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