The copper future tumbled by 0.82% to 3.3850 on Monday 3 October.
According to traders and analysts, Copper spot premium in China stay high in the next few months as demand for the metal has improved
After hitting a new high on march 4 it plunged over 30%, copper prices are expected to dictate lower for the rest of this year through supply is likely to prevent any fall.
According to Research agency Fitch solutions Country Risk and Industry research, Regular supply issues in Latin America will prevent prices down and we expect copper to remain rising by historical standards, averaging around $7500/tonne over Q4 2022
Copper price had climbed to a record 10,674 tonnes in March after the Ukraine war broke out. Since then, it has been a southerly journey closing at $7400 a ton for the three-month contract on the LME
On technical fronts, the Silver Futures; RSI stood at 42.316, and currently, it is trading below all SMA. So, the SELL position can be taken with the following target and stop-loss:
TRADE SIGNAL: Copper futures- SELL AT 3.3835, TARGET:3.3700, STOPLOSS:3.3920