Based on their correlation since 2002 we can say that EURUSD is a leading indicator for Copper. Especially since 2010, they both trade within a 1M Channel Down, with EURUSD however respecting the Lower Highs/ Lower Lows more. So with EURUSD on a long term bearish trend towards the 1.0358 support, we expect 2.000 long term for Copper. Technically Copper's 1M is on...
Hello traders!
Today we will talk about metals, specifically Copper.
Metals are in a big rally and everyone is looking for a potential resistance, especially on Gold and Silver! But, Gold and Silver are quite unclear at this stage and it's hard to predict, where are they going to stop, so in our opinion, it's always good to take a look at correlated markets and...
Copper is in trouble as ongoing data out of China (and broader APAC/ASEAN nations). Just moments ago, South Korea's first 10-days of exports contracted 19.1 percent YoY and imports dropped 15.4 percent. South Korea is a global bellwether for economic growth and the first of the Asian countries to report.
Quantitatively, we'd short copper at the TACVOL range top...
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Copper is in strong uptrend, now we can see triangle formation, which should break upwards. Target is in strong ressistence at 2,99, where I would expect some correction.
It is not new that this year 2019 with the rumors and the suspension of tariffs added to it the good perspectives on a possible agreement between China and the United States. pushed the red metal ( copper ) ,but approaching a great ressitencia, follow the good forecasts is not unreasonable the price continues to climb positions, but all this will be seen soon.
Fundamentals:
No major supply disruptions occurred in 2018 and most labour negotiations have been agreed. However, overall growth has been negatively affected by lower output at some mines in Canada and operational problems in China, Peru and the United States. As a consequence the ICSG growth forecast for mine production was revised down to 2% compared with the...
Copper has been trading sideways on 1W (RSI = 50.950) since late July within a strong 2.5425 - 2.8715 consolidation zone. The price was rejected last Friday on the 2.8390 - 2.8715 Sell Zone and since 1D turned already to neutral CCi = 33.6567, Highs/Lows = 0.00000, a strong sell opportunity is presented. We are taking this short signal with TP = 2.6665.
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We can see nicely formed head and shoulders, but not sure if they will play out, however i don´t see enought strength to go through strong ressistence, so we should bounce back to 2,56.
Copper is an essential industrial metal used worldwide. Copper prices are followed in financial markets around the globe and the metal is growing in popularity. Copper is widely used in construction and because of its electrical properties is found in wires and circuit boards. Copper is mined in open mines around the world, with Chile and the United States leading in overall copper production. The demand for copper is increasing as countries such as China and India continue to develop, while the supply remains tight. The growing demand and constrained supply is likely to keep copper prices volatile in the near future. Copper prices are commonly quoted in USD.
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COMEX:HG1!
