. Copper Remains in Range Bound as Bulls & Bears Marquis it Out.

Copper Remains in Range Bound as Bulls & Bears Marquis it Out.

18 Oct 2022

The copper future is down by 0.83% to 3.33892 on Tuesday 18 October.

This month copper futures fell 5.59% from September to October, according to traders and analysts, Copper spot premiums in China stay high in the next few months as demand for the metal has improved

Copper price decline continuous more than 4% in the past few sessions on the expectation of increasing interest rates by U.S federal

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 Copper 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 3.33892, TARGET:3.33300, STOPLOSS:3.34100