What do we think?
Looks like there will be a sell signal if price forms second shoulder and drops below the neckline (34000 points). Probably recession warnings will increase in November which is clearly Copper negative.
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If you look on the weekly it shows it ranging,if it go s through 33000 with momentum there is a good chance it will sell off to around 29000 hitting monthly 200 ema
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What to expect in the coming weeks? What do you think?
We see I’m abit weary trading commodities at the moment after the overnight fees I’ve been charged recently
Well it’s looking good for shorting to me (which I’ve been doing) - but please bear in mind my advice always comes with a big health warning I AM OFTEN WRONG as short term price movement predictions are not my strong point. But so far the price is doing what I thought it would do, although I think may be some reversal soon…(at about 33000 on my chart)
Nice catch. Where you trading copper?
I use IG platform
Copper is known as “Doctor” for a reason - and it’s biggest consumer comes as no surprise.
That consumers’ thirst for copper is being hampered by it’s government’s zero covid policy - i.e. close down everything at the slightest hint of infection.
So imagine a change in that policy - would that encourage more demand for the good doctor - there are signs however small but signs nonetheless:
Germany’s Olaf Scholz meets China’s Xi Jinping as trade in focus | News | Al Jazeera
And there’s been a huge price reaction to it. Just wonder if it’ll sustain.
If it were me I’d think context.
Xi has just been returned an unprecedented 3rd term - the only person looking over his shoulder (the previous Pres) was unceremoniously manhandled from conference - he is now his own man - and has just met face to face with Scholz - look who was with the Chancellor - business people.
Xi clearly sees the future for China is tied with economics - imo the zero covid policy is nearing it’s end - but it’s just an opinion.
Taking into account close to zero potential for herd immunity, dropping Covid policy completely or relaxing them significantly can have unpredictable consequences. I guess they will seek some trade-off but the balance will surely tilt towards less lockdowns and constraints on mobility.
Happens that today’s news:
The southern city of Shenzhen announced it would no longer require people to show a negative Covid test result to use public transport or enter parks, following similar moves by Chengdu and Tianjin.
Likewise in the Capital:
Many testing booths in the Chinese capital of Beijing have also been shut, as the city stops demanding negative test results as a condition to enter places such as supermarkets and prepares to do so for subways from Monday
The dismantling of these booths was widely spread on media without censoring (surpirse).