Copper Futures—Copper futures in the July contract finished up 60 points to close around 2.9000 a pound in a non-volatile trading manor this Monday afternoon in New York. I have talked about copper on several occasions as an interesting setup is starting to develop on the daily chart.
I will be recommending a bearish position if prices break the March 25th low of 2.840 while then placing the stop loss above the contract high which was hit on April 17th at 3.00 as an exit strategy as the risk on a large contract would be $4,000 plus slippage and commission or $2,000 per mini contract plus slippage & commission.
Copper prices are trading below their 20 day but still above their 100 day moving average which also stands at critical support around the 2.83 level as a breakout is looming in my opinion. Historically speaking copper can experience large price swings as the volatility will not remain this low for much longer so look to play this to the downside.
The commodity markets in general continue their bearish trends except for a select few as I think copper prices may have finally topped out.
TREND: –MIXED
CHART STRUCTURE: SOLID
VOLATILITY: LOW
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