Copper & Lumber Higher On Strong Demand

23 Oct in Blog, commodity trading, copper futures, futures trading, gold futures, lumber futuresMike Seery, palladium futures, platinum futures, seeryfutures, silver futures

Copper & Lumber Futures--- Copper futures in the December contract are up 200 points currently trading at 3.1850 looking to retest a 3 year high which was touched on October 16th around 3.26 as I remain bullish this commodity as strong demand continues to push prices higher. If you are long a futures contract place the stop loss as an exit strategy below the 10 day low standing at 3.05 as that will start to improve on a daily basis later this week therefore lowering the monetary risk as the chart structure is improving.

Copper prices are trading far above their 20 & 100 day moving average as this trend is very strong as the housing market in the U.S has caught fire due to the fact that we are also rebuilding massive communities in the southern part of the United States & Puerto Rico as I still see higher prices so continue to play this to the upside while taking advantage of any price retracement to enter into a new position as this is one of the strongest trends in 2017.

 

 

 

Lumber futures in the November contract are up another 600 points currently trading at 434.00 looking to test a 13 year high around the 460 level which is remarkable in my opinion as this market has gone straight up over the last several months due to the fact of massive rebuilding in the southern part of the United States and Puerto Rico.

The housing market has caught fire in the United States as lumber and copper remain very bullish in my opinion & look to head even higher as they continue to ride the coattails of an incredibly strong U.S equity market.

 

 

 

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