Copper Futures—Copper futures in the September contract is currently trading higher by 50 points at 2.7050 a pound rallying off of session lows as the entire precious metal sector is higher across the board today. I have been recommending a bullish position from around the 2.7130 level and if you took that trade continue to place the stop-loss at the contract low which stands at 2.6000 as an exit strategy.
In my opinion I think copper prices will start to follow the rest of the sector higher, but for the bullish momentum to continue we’re going to have to break the July 1st high of 2.7570 in my opinion as that could possibly happen in this week’s trade.
The S&P 500 has also hit an all-time high this week and I think that will start to support copper prices coupled with the fact that the 10-year note is currently yielding 2.07% as these are all bullish fundamental factors to push prices higher so stay long & continue to place the proper stop loss.
If you take a look at the daily chart it looks to me that the 2.60 level should hold as that is why I’m placing the stop loss at that area as prices tested that level in last week’s trade only then to rally sharply.
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