Copper Prices Hold Support; Lower By 50 Points In Quiet Trade
Copper Futures--- Copper futures traded in a very quiet range today finishing down about 50 points closing right around 333.80 a pound in the July contract in a lack lustre trade in New York which has been rare for copper in the last couple of months. Volatility in copper is a very high lately, however today with little fundamental news on the docket prices remained quiet looking at major resistance at last week high of 343.50 if it breaks that level I would no longer be bearish copper prices, however I am still bearish at this point and if prices break last week's lows of 323.50 prices could drop all the way down to about 3.05 which happened last September. Copper prices are excellent indicator of economic activity and when prices go lower that tells you that emerging markets and possibly even China are slowing down requesting or buying less copper causing prices to go lower and in my opinion I believe we are in the midst of a major slowdown and I do believe copper prices will head lower.If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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