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Copper is likely to drop further as supply demand remains dismal in the market.
Copper is currently trading at $2.62/pound. A drop towards $2.4 area seems very likely as of now. Technically speaking copper bounces from key support area of 2.5 was halted below $2.65, which indicates strong bearish bias.
Trade idea -
- Sell Copper at current price with stop around $2.65 and 2.72 and target of $2.5 and 2.4 over the coming months.
Fundamentals of copper also remain weak.
- China consumes about 40% of world's copper production and slowdown is not being kind to the industry.
- Chinese copper demand is expected to grow at 2.5% in 2015, however that is not enough as supply remains large enough to surpass that.
- Moreover there are talks China is substituting Copper with Aluminum, where possible in a bid to reduce imports. This if proven to be true, could push copper way down.
According to one fund manager, copper puts are in high demand these days.
