Fundamental Overview
Copper prices fell after initially rising due to China’s economic easing. The Hang Seng index dropped 14%, reflecting similar disappointment in the Chinese market.
China accounts for 60% of global copper demand, so further Chinese easing is necessary for prices to hit new highs.
Copper Technical Analysis – Daily Timeframe
On the daily chart, copper couldn’t break the 4.70 level and fell to 4.32. Buyers might enter at this level, while sellers will target further declines below this.
Copper Technical Analysis – 4 Hour Timeframe
The 4-hour chart shows a downward trend. Sellers are likely to continue pushing for lower prices, while buyers aim for a breakout above 4.70.
Copper Technical Analysis – 1 Hour Timeframe
The 1-hour chart shows strong support at 4.32, near the 61.8% Fibonacci retracement level. Buyers will look to bounce from here, while sellers aim for a break below this support.
Upcoming Catalysts
Today, we expect US Retail Sales and Jobless Claims data.
