Rising Supply, Strong Dollar Encourages Shorts On Copper
The latest data from China reported exports of 85,000 tons of refined copper in May. This was a record high for monthly outflows in the last four years. Meanwhile, early in today’s trading session, the greenback extended its recent up-move, with the dollar index DXY continuing to trade around the reading of 96.26, near a three-month high. A strong dollar may cast a cloud on metal prices. On the hourly chart, COPPER is moving nervously around 2.1083. The two moving averages are getting closer, preparing to cross each other and this may push prices down.
Sell stop at 2.1070, Stop loss at 2.1147, Take profit at 2.0983