Copper Prices Look Like A Sell

02 Nov in Blog, commodity consulting, commodity trading, copper futures, futures broker, gold futures, Michael Seery, options broker, palladium futures, platinum futures, Seery Futures.com, silver futures

Copper Futures---Copper futures in the December contract currently are unchanged around 2.3160 a pound as I’m now recommending a short position in the mini contract while placing your stop loss above the 10 day high which currently stands at 2.42 risking around $1,300 plus slippage and commission as the chart structure will start to improve later in the week therefore lowering monetary risk.

Copper prices are trading below their 20 and 100 day moving average telling you that the trend is to the downside as I have not talked about copper for quite some time, but the long term downtrend line stays intact so play this to the downside in my opinion.

The reason for the copper decline in 2015 is the fact that China continues to state that there’s little demand for commodity prices and especially copper as they are the world’s largest importer, but at this point it doesn’t look like demand will remain strong at all as the next major level of support is the contract low and also the double bottom at the 2.25 price level and if that level is broken we could be testing 2.00 in the next month or so as I remain bearish.

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