Copper Higher By 400 Points

Copper Futures---Copper futures in the December contract are trading higher by 400 points at 2.8070 a pound as I have been recommending a bullish trade from around the 2.7700 level & if you took that trade continue to place the stop loss at 2.7555 on a closing basis only as prices traded below that level in yesterday's trade.

Copper prices have been going sideways over the last couple of weeks, however for the bullish momentum to continue we have to break the 2.8700 level which was touched on multiple occasions only to fail as I still remain bullish as I also have a bullish recommendation in the silver market.

The U.S dollar is unchanged today reversing earlier gains which is having very little impact on copper or silver this afternoon as prices are still trading above their 20 day, but below their 100 day moving averages which also stands at major resistance as we need some fresh fundamental news to push prices to new highs in my opinion.

Copper prices were trading around the 3.34 level in early June so there is room to run to the upside as demand is starting to come back into this commodity so stay long & continue to place the proper stop loss as we are still just an eyelash away from being stopped out on this trade.




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