Copper 4 hour trend line
Copper futures retraced a little this week, but there are some bearish signals according to Bloomberg:
- China’s import demand is around lowest since 2017
- LME stockpiles are up around 30% this month
On top of this China, fearing consumer inflation, will start sales of the metal from Gov’t reserves. This could be the start of China keeping copper prices lower.
Low risk entry is on break of 4 hour trendline. Fed speakers later could push it lower if USD rises on any hawkish comments – one to watch