Copper drops from two-month highs due to global economic slowdown, speculators’ shorts – by christianborjon Copper Metals Commodities UnitedStates Recession
part by released S&P Global PMIs in the week, painting a gloomy picture while worries about China’s economy had increased. At the time of writing, Copper futures are trading at $3.6390 after hitting a daily high of $3.6980 during the Asian session.
In the meantime, the investment house Goehring & Rozencwajg Associates, in their Q2 update, pointed out that after bottoming at 165,000 tonnes at the end of 2021, copper inventories rebounded to 300,000 by mid-May but pulled back to 240,000 tonnes. Hence, the first support would be the confluence of the 20 and 50-DMA around $3.5925-55. Once it’s broken, the next support will be the bottom of the range above-mentioned at $3.5420, followed by the August 3 low at $3.4160.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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