Pokethebear

HG1! Is Copper ready to make a move?

COMEX:HG1!   Copper Futures
HG HG1!
Copper has been bottoming for quite some time. Economic trends are plumbing/housing, electronics, and EV vehicles, so let's step back and review.
* Oversupply for quite some time.
* Copper prices are historically peak in December.
* Housing/construction build rates for SF/MF/5+units is steady Yr/Yr for 5-yr and slight growth if any.
* Electronics is in steep decline from overstock parts and US-China trade war
* Electric vehicles are the new growth at 150+ lb . / vehicle for motor windings for copper , trend to continue as EV Class 8 heavy trucks will use 300+ lb . / truck (TESLA/NAV)
* Current chart showing upward movement from 618fibretracement to 500fibretracement as positive.

Maybe a micro trend without larger scope of current global economy, but something to watch for safe haven opportunities. VIX
The yuan hit a fresh 21-month low against the U.S. dollar Thursday, and the Shanghai Composite Index has lost about a quarter of its value so far in 2018.

ASX:KRC NSE:HINDCOPPER ASX:NZC OTC:CPPMF AMEX:COPX NYSE:SCCO ASX:CCZ TSX:NCU FWB:COQ OTC:HDRSF CCJ
Comment: Watch SCCO as stock play.
Comment: HG1! is dipping below 500fibretracement and headed toward 618.
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