Copper Futures---Copper futures are trading lower for the 4th consecutive session down another 375 points in the July contract currently at 2.6775 a pound hitting a fresh 16 week low continuing it strong bearish momentum.
I have been recommending a bearish position from around the 2.8240 level and if you took that trade continue to place the stop loss which now stands at 2.7970, however in Friday's trade that will be lowered to 2.7775 as the chart structure is improving on a daily basis.
The fact that we do not have a trade agreement with China remains a negative fundamental factor towards copper prices as I still think we will test the contract low which was hit on January 3rd at 2.56 in the coming days ahead.
Copper is trading far below its 20 & 100 day moving average as clearly the trend is to the downside as the precious metals as a whole look weak as demand for industrial metals worldwide is waning as prices still look expensive in my opinion so stay short.
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