Copper Futures—Copper futures in the July contract is trading lower for the 2nd consecutive session down 200 points at 2.7815 a pound as I have been recommending a bearish position from around the 2.8250 level and if you took that trade place the stop loss tomorrow at 2.9385 as an exit strategy.
Copper prices are right at major support between 2.76 / 2.78 and if that is broken I think we could test the contract low which was going on January 3rd at 2.56 as there is room to run to the downside in my opinion.
The U.S dollar is up 15 points today continuing it’s bullish momentum as I’m also recommending a bullish trade in that currency as the precious metals have come under significant pressure this week.
Copper prices are trading far below their 20 and 100 day moving average as the trend clearly is to the downside as the volatility certainly has expanded once we broke out of the 10 week consolidation pattern that we experienced.
Copper historically speaking and be a very trendy commodity as that is exactly what I’m hoping for in this situation as many sectors still remain very bearish as it is tough to find a bull market out there except for the stock market so stay short.
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