China is the world's largest copper
consumer, accounting for almost 40% of world consumption last year. The National Bureau of Statistics said in a report earlier in the day that home prices in China declined in 66 of the 70 cities tracked by the government in February from a month earlier. New home prices slumped 5.7% on year last month, following a decline of 5.1% in January. Last week the China Industrial Production reach 6.8% vs 7.8% expected, and actual Fixed asset investment in China reach 13.9% real vs 15% expected
In short term we expect that #Cobre will recover your weekly decline, reach to moving average 20 periods (like resistence).