HGCOP

Technical Analysis – Copper futures’ 2-week pullback from lows loses steam

Posted on February 19, 2020 at 3:50 pm GMT

Copper futures are facing renewed selling interest, though prices are currently seeking support from the 2.5780 level – which is the 23.6% Fibonacci retracement of the down leg from 2.8819 to 2.4839 – and the 100-period simple moving average (SMA) just below it at 2.5740. Looking at the short-term oscillators, negative momentum appears to be picking up. The MACD, currently at the zero mark, is only just below its red trigger line and seems to be trying to move into the negative zone, while [..]

Technical Analysis – Copper strong sell-off towards 4-month low

Posted on January 30, 2020 at 9:39 am GMT

Copper with delivery in March 2020 is looking strongly bearish in the short-term after plunging below the eight-month high of 2.8825 on January 16. Prices hit a four-month low of 2.5115 and the technical indicators are all pointing to further negative momentum in the near term. The RSI is also in an oversold territory below 30 and is clearly pointing down, while the MACD is strengthening its bearish view below trigger and zero lines. Moreover, the 20- and 40-simple moving [..]

Technical Analysis – Copper futures unlock 8-month high; positive momentum increases

Posted on January 16, 2020 at 1:23 pm GMT

Copper futures for March delivery stretched their rally to a fresh eight-month peak of 2.8794 earlier today, exiting from the squeeze Bollinger Band. The near-term bias is looking bullish as the RSI is heading upwards near the 70 level, while the MACD surpassed its red trigger line, remaining in the positive territory. Should the price make another move higher, it’s likely to meet resistance at 2.9180 as this level has capped prices since late April 2019. A successful break above this key [..]

Technical Analysis – Copper futures reload for a push higher

Posted on December 19, 2019 at 4:19 pm GMT

Copper futures are attempting to restart the climb with the latest push off the 2.7957 level, which is the 61.8% Fibonacci retracement of the down leg from 2.9915 to 2.4785. While the Kijun-sen line displays a short period of consolidation, the Tenkan-sen line is reflecting a pick up in positive momentum, something also suggested in the technical indicators. The short-term oscillators, although having weakened, exhibit signs of an improving picture. Currently both in bullish territory, the RSI is rising from [..]

Technical Analysis – Copper futures resume positive outlook; buyers unable to breach 2.7015 resistance

Posted on November 27, 2019 at 4:01 pm GMT

Copper futures are attempting to push back up to retest the 2.7015 resistance from the high of September 16, which halted gains from the bounce off the 200-period simple moving average (SMA). Aiding the positive view are the 50- and 100-period SMAs that have held above the 200-period SMA and the recent upward turn in the slope of the 50-period SMA. Furthermore, the MACD, currently in the positive region, has distanced itself above its red trigger line, while the RSI [..]

Technical Analysis – Copper futures capped by Ichimoku cloud and 50-day SMA enhancing negative outlook

Posted on October 4, 2019 at 1:37 pm GMT

Copper futures sellers are flirting with the 2.5280 support from August 5, looking for a push lower to the recent twenty-eight-month low of 2.4785, after returning the price back below the Ichimoku cloud. The short-term oscillators suggest negative momentum is strengthening. The MACD has declined into the negative region and beneath its red trigger line, while the RSI is heading lower in bearish territory. Furthermore, the downward sloping 50-, 100- and 200-day simple moving averages (SMAs) all back the bigger [..]

Technical Analysis – Copper futures stretch to new 2-year lows; bears to keep pressure

Posted on August 27, 2019 at 10:58 am GMT

Copper futures for December delivery softened under a well-established support area of 2.5300 (since 2017), extending the downward pattern to a new two-year low of 2.4952. Technically, the market could stay under pressure in the short-term as long as the MACD holds in negative area and under its red signal line, with the bearish RSI endorsing the view as well. Yet, the Stochastics’ bullish rebound in the oversold area suggests that upside corrections in the very short-term are possible. Traders could wait for a [..]

Technical Analysis – Copper futures fail to close below 2.54; move back sideways

Posted on August 13, 2019 at 3:24 pm GMT

Copper futures were unable to close below the 2.54 hurdle, and the bulls logged gains, sending the metal back into the neutral sideways market that has lasted for three months. The momentum indicators suggest the short-term negative trend is weakening. The MACD has started to turn up in the negative area for a cross above its trigger line, while the ADX shows a weakening of the bearish trend in place. The simple moving averages (SMAs) although bearish have flattened in [..]

Daily Market Comment – Yen and gold soar; yuan sinks as trade war savages markets

Posted on August 5, 2019 at 8:26 am GMT

Safe havens such as the yen and gold surge as heated trade tensions extend broad sell-off in risk assets Yuan breaks past 7 per dollar level as PBOC gives green light to a weaker currency US dollar mixed as Fed rate cut expectations rise again Market rout deepens, yen rallies The fallout from the latest escalation in the US-China trade dispute continued to be felt across financial markets on Monday as investors sold off stocks and emerging market currencies [..]

Copper slumps as trade conflict clouds global growth outlook – Commodities News

Posted on July 5, 2018 at 9:13 am GMT

The price of copper continues its freefall this week, falling to a nine-month low of $6,450 per tonne on the London Metal Exchange and to an 11-month low of $2.874 per pound on New York’s Comex. The popular base metal has been under pressure since trade tensions first started brewing in late February. Copper is considered to be a good indicator of global economic growth due to its wide use across the construction, industrial and technology sectors. The fall in [..]

How can we help?

Live Chat Terms